PayGlobal a United Kingdom-based finance giant has launched a service that allows users to load cryptocurrencies on their existing debit cards. The system works by converting the tokens into fiat and then load onto the cards.
Currently, the firm is only supporting Bitcoin core (BTC) and Ethereum (ETH) though more are expected to join the list with the passage of time.
The company believes that the system will allow people to use their funds across the globe. Moreover, an official from the company stated that this would be revolutionary in the finance system as they believed that the methods of fund transfer keep on evolving and this is the next step.
Although this is not the first time cryptocurrencies will be used through debit cards as many other companies offer crypto fueled cars. However, this is the first that allows you to do so with your existing bank cards.
To avail the services provided by the company, the users must register on the company’s official website. While doing so, they must provide necessary legal details including their address, state-issued identification etc.
After registration, the users select the fiat they want to receive and the cryptocurrency they are paying with. Then the users can choose the amount they wish to transfer to their Visa card.
The minimum and the maximum amounts are set at five Euros and a thousand Euros (€5 and €1,000) respectively.
The official also stated that many more, revolutionary products are yet to hit the markets and the firm’s technology offers many tools for a specific type of client like family remittances and blockchain developers.