Bulgarian crypto bank Nexo will launch the first ‘crypto-backed’ payment card in the world via partnerships with Mastercard (NYSE:MA) and DiPocket.
The card will be initially available to a selected group of European countries and allow users to make purchases without selling their digital assets beforehand. For example, Bitcoin could be a guarantee for a given credit.
The credit line of digital assets will be provided by Nexo and connected with the card. It will be available to use in 92 million shops around the world, where Mastercard is accepted, allowing clients to spend up to 90% of the total value of digital assets they own.
The Nexo card will feature the following:
- Zero Fees: No minimum repayments, monthly or inactivity fees will be required. Also, there won’t be any FX fees for exchanging up to $20,000 per month.
- 2% Crypto Rewards: Each Nexo card transaction will feature instant crypto cashback, paid in Bitcoin or Nexo’s native NEXO token. This will allow users to earn up to 2% back in cryptocurrency with each purchase.
- Seamless Access: The Nexo card will be available both in virtual and physical form, and it will be integrated with Apple (NASDAQ:AAPL) Pay and Google (NASDAQ:GOOGL) Pay. Cardholders can add their Nexo card to their mobile wallets through the Nexo Wallet App. Additional virtual cards can be requested without any cost.
“Mastercard believes that digital assets are revolutionizing the financial landscape and we are leading in innovation with programs like our partnership with Nexo to deliver people new and one-of-a-kind choices in how they pay and activate their crypto holdings. We’re excited to continue to innovate in payments by making digital assets more accessible across the ecosystem.”
On The Flipside
- Interests will only be paid in the amount of credit used and are set to remain at 0% for customers who maintain a loan-to-value ratio of 20% or below.
