Customers using the Bakkt app can now apply for a debit card that will allow them to pay in bitcoin at merchants that do not currently accept crypto. The virtual Visa card can be added to Apple Pay or Google Pay to purchase items from thousands of retailers that support mobile payment systems.
Bakkt card can be linked to Apple Pay and Google Pay
This year’s historic highs have convinced many to invest in cryptocurrencies, but digital assets still have a long way to go to achieve wide adoption in daily payments. Debit cards issued by crypto companies are bridging the gap between bitcoin and traders who have yet to start accepting digital coins. Now there is a new offering on the market. Crypto market Cooked launched a Visa debit card that will “maximize the ability of users to spend digital assets.” The card allows Bakkt customers to use their bitcoin (BTC) and fiat balances (USD) to purchase goods and services, both online and in-store.
– Bakkt (@Bakkt) June 22, 2021
The card can be used through Apple Pay or Google Pay mobile wallets, which open the door to thousands of retailers around the world. Commenting on the announcement, Bakkt CEO Gavin Michael noted:
Our goal is first and foremost to provide consumers with more choice, and the Bakkt card frees bitcoin owners from their online-only past in a world with endless options for leveraging digital assets in their everyday lives. .
Users can order Visa card through the Bakkt app
Instead of selling their crypto and waiting for a wire transfer, Bakkt users can now walk into a store, use their Bakkt card, and pay for the item they want to buy, Gavin Michael explained. The executive added that selected customers will soon be able to enjoy the same payment option using their reward points.
The Bakkt crypto card is issued by Sutton Bank, a member of the Federal Deposit Insurance Corporation, under license from Visa USA Inc. To obtain a virtual visa, users will need to apply through the Bakkt wallet app. The platform says it “enables these spending in the real world, as well as the ability to invest and hold bitcoin without transaction fees.”
Although Bakkt does not charge a fee per transaction, it does sell BTC to its customers at a price higher than their “calculated market price,” the company said in a statement. “Our spread for bitcoin purchases will not exceed 1.5% throughout 2021,” Bakkt revealed in the announcement.
Are you using an encrypted debit card and if so, which one? Let us know in the comments section below.
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