Bitpay has announced that it is creating a prepaid Mastercard that will help crypto users to automatically spend their cryptocurrencies on various merchants that accept Mastercard. As a result of this, BitPay will soon end its relationship with Visa.
According to BitPay, its current flagship card program, Visa prepaid Bitpay Card, will stop working on the 31st of December this year. It doesn’t matter what your card says about the expiration date; the card will simply stop working next year. Also, starting in August 2020, users would no longer be able to load their cryptocurrencies on their Visa card.
The good news is, as mentioned earlier, this Visa card will be replaced by Bitpay’s new Mastercard. BitPay users will be able to load BTC, Bitcoin Cash, Ripple, Ether, USD Coin, GUSD, BUSD, and PAX into the card. When the users use the preloaded card on any merchant that accepts Mastercard, the needed cryptocurrencies will be automatically converted to fiat so the merchant doesn’t need to deal with crypto volatility.
BitPay is however not the only company launching a crypto-to-fiat prepaid card. There are various companies that are also doing this. While there are more options of crypto prepaid Mastercard and Visa cards nowadays, they still haven’t really found mainstream use cases. The majority of people still prefer to make manual trades from crypto to fiat due to lower conversion fees.
Source: news.bitcoin.com
