The crypto exchange based in Australia has released the first cryptocurrency Mastercard in the country. An article on the exchange website confirms that the usage of the card will be just like a normal Mastercard for fiat currency. Cardholders will be able to spend their crypto with the card both in-stores and online.
CoinJar users will get to use their cards in places and stores where Mastercards are accepted. Users have the option of getting a physical card with which to spend their digital currencies. They can have the option of getting the card digitally through Apple and Google Pay and use the card online.
The card offered by CoinJar gives about 30 different options of cryptocurrencies to be spent.
Pay as You Go
The exchange offers a comprehensive digital wallet alongside the cards. This will enable users to spend their cryptos on the go. The transactions with the cards are secure and instant irrespective of the devices the user is using it with, be it wearables like Apple Watch.
The widespread of merchants accepting Mastercard gives CoinJar the leverage to offer its users countless outlets to use their new cards. Each transaction on the card attracts a 1% charge. The fee, however, is returned to the user as a CoinJar reward that can be spent in the future.
Asher Tan, the CEO of CoinJar, said, “All thanks to the universal acceptance of Mastercard and the technological expertise of EML, the card from CoinJar will give customers a cool day-to-day cryptocurrency functionality. Either through their smartphone, wearables or even physical card.”
The exchange offers the card free of any charge to its users as long as they have the updated version of the exchange app.
All the card does is take crypto from the user’s balance and convert it to Aussie dollars. Each transaction made on the card is made in the Australian dollar and is routed through the commercial banks in the country and other payment gateways.
The Adoption of Crypto in Australia
Australians have shown their interest continuously in the crypto market. A report compiled in the country revealed that one out of six citizens is currently in the crypto market, either trading or investing. This means 17% of Australians currently have a crypto investment. That is a 5% increase in just six months, having begun the year with 12% at the beginning of the year.
In June, it was announced that CryptoSend teamed up with Visa to release physical debit cards in the country. This confirms how the adoption of crypto is growing fast in the country.