Let cryptocurrency come into life! Will “Cryptocurrency Credit Cards” Be the Key?
If you could buy something with cryptocurrency today, would you want to try it?
According to the Henley & Partners Cryptocurrency Wealth Report, a global investment and immigration advisory agency, by the end of 2022, there will be more than 400 million holders of cryptocurrency worldwide. Assuming that users in the global currency circle consume one dollar a day, the consumption will exceed 150 billion US dollars in a whole year, and the development potential cannot be underestimated.
However, due to market acceptance and large fluctuations in token prices, it has been difficult to truly apply it to consumption and shopping in life.
The Infinity Business Insights report also pointed out that the global crypto credit card market is expected to develop at a compound annual growth rate of 62.08% between 2023 and 2030.
In recent years, more and more exchanges have seen market opportunities. For example, Binance and Coinbase have cooperated with the credit card organization Visa to issue "cryptocurrency credit cards", making it easier to use cryptocurrency for daily consumption.
The Infinity Business Insights report also pointed out that the global crypto credit card market is expected to develop at a compound annual growth rate of 62.08% between 2023 and 2030.
Who is “Cryptocurrency Card” suitable for? How to use it?
What is a cryptocurrency credit card?
The use of cryptocurrency credit cards is exactly the same as that of ordinary credit cards. The difference is that ordinary credit cards use legal currency to settle purchases, while cryptocurrency credit cards use cryptocurrency to calculate money.
Strictly speaking, cryptocurrency credit cards are debit cards. The cryptocurrency in the bound account will be directly deducted when making a purchase, and payment cannot be deferred.
In addition to well-known exchanges such as Binance and Coinbase, Hong Kong crypto payment startup RedotPay will also launch a cryptocurrency card at the end of 2023.
Who is suitable for a cryptocurrency credit card?
Trevor Cheng, head of marketing at RedotPay, believes that cryptocurrency is not just an investment product, but also a trading tool. It is undeniable that there are indeed many currencies with large price fluctuations, but coins with smaller price fluctuations, such as stablecoins, are very Suitable for daily consumption, "We hope that people in the cryptocurrency community can use cryptocurrency in daily life, not just for investment."
For example, senior people in the cryptocurrency industry often bring profits and passive income by investing in cryptocurrency; some Web3 companies also use cryptocurrency to pay bonuses and part of their salary.
For users with a lot of cryptocurrency, a cryptocurrency credit card is a good choice.
Through a cryptocurrency credit card, you can save the process of converting cryptocurrency into legal currency, so that the coins you earn can be turned into a small amount of luck outside of work income, and can be used to buy things that you are usually reluctant to buy.
For users with a lot of cryptocurrency, a cryptocurrency credit card is a good choice.
Although the reward amount of a cryptocurrency card may not be relatively high, you can also make purchases overseas or withdraw currency at an ATM. If you happen to have no cash on you, you can directly exchange cryptocurrency into local currency through an ATM, which will increase your daily life. Ease of use.
Users exceeded 200,000 in two months! What are the features of RedotPay card?
There are currently many exchanges that have deployed cryptocurrency credit cards, but Binance, Coinbase, etc. do not yet support users in Taiwan and Hong Kong to apply. Most people are familiar with the cryptocurrency credit card launched by Crypto.com. Now, RedotPay can be used as a new option.
RedotPay’s APP will be launched in August 2023, and physical cards will be officially issued in October. In just two months after the card was officially issued, the number of RedotPay users has exceeded 200,000. It can be seen that users do have certain demand for cryptocurrency cards.
RedotPay's APP will be launched in August 2023, and physical cards will be officially issued in October. In just two months after the official issuance of the cards, RedotPay users have exceeded 200,000.
How to deposit money into the card? Which coins can be used to debit?
Currently, RedotPay supports a total of currencies: Bitcoin, Ethereum, and two stable currencies, USDT and USDC. There are two ways to deposit these currencies into the RedotPay card.
The first is to deposit funds from the Taiwan exchange and then transfer the cryptocurrency to RedotPay’s electronic wallet (mobile APP). There is no need to pay a gas fee during the process; the second is to pay through Binance. Deposit funds to RedotPay card.
Is there any handling fee?
RedotPay card currently cooperates with the card issuing organization VISA and does not require annual fees.
In terms of handling fees, there is no handling fee for adding coins to the wallet, but each transaction requires an additional handling fee of 1.2% (non-local currency transaction) + 1% (cryptocurrency conversion to legal currency); use ATM to withdraw money , you must also pay a fee of 2% + 1% (cryptocurrency conversion to fiat currency).
Can I bind mobile payment?
RedotPay currently only has one card level. Users can choose to apply for a virtual card or a physical card (with ATM withdrawals) based on their personal needs.
RedotPay can bind Apple Pay, Google Pay, Line Pay and other mobile payments for consumption in physical channels.
How safe is it? Are assets protected?
For any crypto financial product, compliance and asset security are the foundation of everything. RedotPay also understands this truth. Therefore, in the process of product launch, it fully complies with local laws and regulations in Hong Kong. Not only can you find the Hong Kong trust company license on the official website Numbers and customer private keys are also stored in the custody solution recommended by the Hong Kong Securities and Futures Commission. If RedotPay unfortunately goes bankrupt one day, there will be records proving that all user assets are held in third party custody.
In addition, RedotPay is the only VISA authorized platform in Hong Kong that has obtained the MSB financial license supervised and issued by FinCEN (Financial Crime Enforcement Bureau, an agency of the U.S. Department of the Treasury).
RedotPay can bind Apple Pay, Google Pay, Line Pay and other mobile payments for consumption in physical channels.
Cryptocurrency card transaction test
Before making a transaction, you must first go to the "Payment Settings" in the mobile APP to set the "Payment Priority", and the system will deduct money according to your personal preferences. After that, just use Apple Pay and other mobile payment functions, and you can make purchases smoothly!
Trevor said that since there are many users of Samsung mobile phones, the Samsung Pay service will be launched again in the near future. The team’s primary goal will be to focus on user experience, free transfers within accounts, and more new features. Product development and upgrade.
Although currently using cryptocurrency cards to pay, there are still not as many discounts and rewards as using New Taiwan Dollars, but cryptocurrency cards do make cryptocurrency more relevant to daily life, and will be a major promoter of the popularity of cryptocurrency in the future.
If you are interested in applying for RedotPay, just enter [innovator] in the Promo code and apply for the RedotPay virtual card to get a 20% discount!
Review editor: Gao Jingyuan
More coverage
The boring ape and the fat penguin fight! The 3D game “Nifty Island” integrates more than 120 NFTs and was popularized by the community for two major reasons.
How to buy "Bitcoin Spot ETF" in Taiwan? Two methods and two reminders to understand at once
