World-renowned payments giant Visa will issue a physical debit card to CryptoSpend, a start-up created by two classmates, to facilitate cryptocurrency payments.
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According to the statement from the Australian Financial Review, Visa has put the duo through strict procedures to ensure the confidentiality and security of users’ information, as well as compliance with anti-money laundering efforts regulations.
The approval of the regulator is expected to be announced in the coming days. Following this approval, the Australian company can start offering debit cards to its consumers, who can pay with Bitcoin (BTC) and other compatible cryptocurrencies at retail establishments and accommodation.
Users of the CryptoSpend application can make a direct purchase process instead of converting crypto to fiat money like some other applications in the market.
Adoption Rises Amid Payment Giants
Visa and Mastercard are increasing their efforts to make it easier to spend Bitcoin and other digital currencies for day-to-day trading. With this attack by Visa, Australians will be able to use crypto money on their payment cards for the first time.
In addition to Visa and Mastercard, PayPal’s offering of crypto money services to its users stood out as a very valuable development. In particular, PayPal’s attack was one of the most valuable legs of Bitcoin’s bull rally.
Andrew Grech, co-founder of CryptoSpend, said the upcoming card will provide Australians with another “flexible way” to spend their crypto on everyday things.