After much anticipation cryptocurrencies are now hitting mainstream day to day transactions through a Visa Debit card. The announcement came with the collaboration of a United States-based bank and a Hong Kong-based digital provider.
The Metropolitan Commercial Bank (MCO) has partnered with Foris Inc following a similar Visa debit card launch in Singapore earlier this quarter.
The partnership brings together the digital wallet and banking ledgers in a unique blend that allows cash withdrawals at ATMs and retail outlets while the users would be charged in cryptocurrencies retailer would be receiving regular currency.
Moreover, the card also allows digital currency trading and tracking. Users can order the cards after a simple identification process through an application. The same application can be used to order the card and manage transactions. MCO has kept the card fee-less at the moment which means there would be no charges for ATM cash withdrawals and transactions.
The partnership also went ahead and waved monthly and annuals charges. Experts believe this is in a bid to allow maximum consumer penetration and apparently, the trick is working since over a hundred thousand cards have been reserved already.
Industry experts and traders are expressing are seeing this as a positive move for the future of cryptocurrencies and its usage in the mainstream arena.