What Is a BitPay Card?
BitPay is a crypto-debit card which enables users to use their bitcoin reserves to make payments at any brick-and-mortar outlets wherever major credit cards are accepted.
- BitPay card is a crypto-debit card that enables users to use their bitcoin reserves to make payments in Visa's network.
- The card is a reloadable prepaid debit card and not a credit card.
- It also offers integration with third-party services, open source plugins, point of sale, billing and accounting, and donations solutions.
Understanding BitPay Card
The BitPay card costs $9.95 and payment should be made in Bitcoin or Ethereum. It is powered by the Visa network, which allows it to be used at any Point of Sale (PoS) that accepts Visa debit cards. It also allows card holders to withdraw cash at any Visa-compatible ATM. Thus, the BitPay card facilitates the conversion and usage of bitcoins into dollars, thereby bridging the gap between the real and the cryptocurrency world. BitPay stopped providing services to European users of BitPay card in Oct. 2018 after Visa revoked licensing to the bank responsible for processing the card's transactions.
Founded in 2011, BitPay is currently the largest bitcoin payment processor in the world, serving users and merchants on six continents. BitPay is one of the primary crypto debit cards, helping users and merchants to spend and accept bitcoin in a secure manner on a global scale.
BitPay works as a reloadable prepaid debit card and not as a credit card. BitPay offers businesses to accept bitcoin with BitPay and get direct bank deposits in the currency of their choice for a flat 1% settlement charge. Currently, BitPay supports settlement in eight currencies and direct bank deposit in 38 countries, with bitcoin settlement supported in 240 nations.
BitPay is more than just a crypto debit card. It offers integration, open source plugins, point of sale, billing and accounting, and donations solutions. It also writes and maintains code libraries.
BitPay boasts approximately $2 billion in annualized payment volumes while its open source wallet platform has seen growing consumer adoption; it reached $3 billion in monthly user payments at the end of 2017.