BitPay Card

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Prableen Bajpai
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Prableen Bajpai is the founder of FinFix and Analytics Private Limited. She has 10+ years of experience as a finance, cryptocurrency, and trading strategy expert.
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Updated February 26, 2022
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Amilcar Chavarria
Amilcar Chavarria
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Amilcar has 10 years of FinTech, blockchain, and crypto startup experience and advises financial institutions, governments, regulators, and startups.

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Katrina Avila Munichiello
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What Is a BitPay Card?

The BitPay Card is a prepaid Mastercard that lets you instantly convert cryptocurrency into fiat currency. The currency is then loaded onto the card and can be spent anywhere Mastercard debit cards are accepted, anywhere in the world. You can also use your BitPay Card for online transactions and ATM withdrawals. The BitPay card facilitates using cryptocurrencies by converting them into fiat currency, bridging the gap between real and virtual currencies.

The BitPay Prepaid Mastercard was launched in June 2020.

Key Takeaways

  • The BitPay Card is a cryptocurrency debit card that allows you to use Bitcoin to make payments within Mastercard's network.
  • Founded in 2011 by Stephen Pair and Tony Gallipi, BitPay is a payment processor that enables businesses to accept Bitcoin as payment.
  • The card can be used as a reloadable prepaid debit card, but not as a credit card.
  • In addition to payment services and the BitPay Card, BitPay also offers a BitPay Wallet app where you can manage and spend Bitcoin or turn it into dollars and spend with your BitPay Card.

How the BitPay Card Works

The BitPay Card works as a reloadable prepaid debit card, but not as a credit card. The BitPay Card allows businesses to accept Bitcoin as payment 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 deposits in 38 countries. Bitcoin, Bitcoin Cash, Gemini USD, Circle USD Coin, and Paxos USD settlements are supported in 233 nations.

In addition to payment services and the BitPay Card, BitPay also offers a BitPay Wallet app where you can manage and spend Bitcoin or turn it into dollars and spend with the BitPay Card. In addition, the BitPay Wallet app supports many different options for buying and storing crypto and making online payments. You can instantly purchase gift cards from hundreds of top retailers in stores and online.

The BitPay Card has an EMV chip that provides added security and is contactless-enabled for payments.

How Do You Get a BitPay Card?

To get a BitPay card, you need to have the BitPay app loaded on your mobile device. Install and open the app, click on the card icon, and apply for the card following the instructions.

To apply for the BitPay Card, you must be at least 18 years old and successfully complete identity and residency verification. In addition, you'll need to provide a clear selfie of your face and a photo from a supported identification method such as a:

  • State ID
  • Passport
  • Residence Permit
  • Driver's License
  • Immigrant Visa

The BitPay Card can be used at any vendor that accepts Mastercard debit cards. You can also use it to withdraw cash at any ATM compatible with Mastercard.

BitPay Card History

BitPay was founded in 2011 by Stephen Pair and Tony Gallipi. BitPay is a payment processor that enables businesses to accept Bitcoin as payment. It is based in Atlanta, Georgia.

After 10,000 merchants signed up to accept Bitcoin with BitPay's services, the company raised $30 million in a Series A round of venture capital funding in 2014. In 2018, BitPay underwent a Series B investment round, eventually raising an additional $40 million.

In a press release from June 2020, Pair, the co-founder and CEO of BitPay, said, "The BitPay Card offers new benefits and features for consumers making it easier to convert Bitcoin and other cryptocurrency into a spendable balance without currency risk. We are excited to work with Mastercard to expand crypto’s use, while making it easy for businesses to attract new customers who want to spend Bitcoin and offer more places for customers with Bitcoin to shop."

Cryptocurrency-linked card use is growing. For example, Visa payment volume using these cards was greater than $2.5 billion in the first quarter of 2022—70% of the total volume of fiscal 2021.

As of September 2020, the industry that had accepted the highest share of cryptocurrency payments worldwide through BitPay in 2020 was the prepaid card and gift card industry, which accepted 26.3% of all BitPay payments.

In February 2021, BitPay announced that U.S. cardholders of the BitPay Prepaid Mastercard could add their card to Apple Wallet and spend cryptocurrency with Apple Pay. In addition, if you're waiting on your physical card to arrive, you can add your virtual card to Apple Wallet via the BitPay Wallet app and can start making purchases immediately. The company also announced that it would be adding support for Google Pay and Samsung Pay.

Can I Use My BitPay Card at an ATM?

You can use your BitPay card at ATMs with a limit of three withdrawals per day, totaling no more than $2,000 per day.

Is BitPay Card Free?

You may pay miner and wallet fees, a $2.50 fee for ATM and cash-back withdrawals, and other fees according to your fee schedule.

How Much Does a BitPay Card Cost?

The card itself is free after you create an account and are approved. In addition, there are no transaction fees if you use the card within the U.S.

Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.

  1. BitPay. "Banking and Settlements."

  2. BitPay. "How Do I Order the BitPay Card?"

  3. BusinessWire. "BitPay Launches Prepaid Mastercard in the United States."

  4. Visa. "Visa, Inc. Q1 2022 Earnings Call," Page 4.

  5. Aksjebloggen. "Financial Services and Internet Industry Lead in BitPay Payments With 23% of Companies Using Crypto."

  6. BusinessWire. "BitPay Card Adds Support for Apple Pay."

  7. BitPay. "How To Get the Bitpay Crypto Debit Card."

  8. BitPay. "BitPay Prepaid Mastercard Cardholder Agreement."

  9. BitPay. "What Fees Will I Pay to Use the BitPay Card?"

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