Firms partner to unveil crypto-powered debit card

100Pay has partnered with Visa, the payment giant, to introduce a new crypto-backed debit card, PayCard, aimed at simplifying global payments.

The PayCard enables users to spend cryptocurrencies directly, both online and offline, without converting them to traditional fiat currency.

The partnership uses Visa’s global payment infrastructure to support seamless crypto transactions, 100Pay said in its statement to The PUNCH.

According to 100Pay, the card is available in three tiers—Standard, Elite, and Titanium Black—with spending limits of $100,000, $500,000, and $1m, respectively.

The company noted that only 20,000 cards will be released initially, with pre-orders open and deliveries starting December 30.

100Pay said the PayCard supports over 22 cryptocurrencies, including Bitcoin, Ethereum, Solana, and USDT. The card integrates with digital wallets like Apple Pay and Google Pay, allowing for contactless payments and ATM withdrawals worldwide.

The Chief Executive Officer of 100Pay, Brainy Josh, described the PayCard’s convenience, stating, “You’re holding cryptocurrencies like Bitcoin, Ethereum, and Solana.

The advantage is that you can spend these assets directly without having to convert them first.”

The company added that users who transact with 100Pay’s native token, $PAY, will receive up to a 5 per cent discount, and successful referrals will earn users $4 as an incentive.

100Pay also announced plans to collaborate with fintech developers to expand the card’s reach and adoption. The company invited developers to partner in offering similar solutions to their user bases.

Addressing potential challenges, 100Pay acknowledged concerns over cryptocurrency volatility and regulatory uncertainties. The company emphasised its commitment to complying with global payment standards and ensuring a secure platform for users.

100Pay stated that the PayCard aims to streamline borderless crypto transactions and reduce the friction associated with peer-to-peer transfers, positioning it as a tool for facilitating global payments.