The struggle of crypto users and the unbanked is about to end as a company of the payment market launches its card that can be loaded using different cryptocurrencies and doubles as a debit card, globally.
The Tronipay Card is a platform of UnionPay and MasterCard Prepaid Cards that can be delivered all over the world. UnionPay is the largest card network in the world with more than 6 billion cards issued. The same is true for Mastercard.
The Tronipay Card can be reloaded using different options from various payment methods such as Boleto, Debit and Credit Cards, Wire Transfer or Cryptocurrency.
After months of negotiation with a North American company, the new card breaks great barriers that the European Union imposed – where companies in Europe were prevented from issuing Cards to residents outside the EU.
The company prides that since the card is also a Mastercard Prepaid Card, it accepted in purchases all over the world.
This could be a solution to crypto-users and unbanked population to improve their financial mobility, as the card can also withdraw from different ATMs. It also offers programs for companies who want to use their cards in their businesses.
The facilitation of cryptocurrency in banking has been an ongoing debate after major banking giants like JPM, and other American banks have banned the purchase of cryptocurrency using their debit and credit cards. However, supporters have argued that this ban is a step back for the banking industry.
“If they are policing digital currency transactions by de-risking the activity on the basis of protecting customers from market changes, they are going to be on the hook for market changes where their financial products are used where they did not intervene and de-risk to protect consumers,” said attorney Christine Duhaime, founder of the Digital Finance Institute.
Two options are available to those who want to avail the Tronipay card. The first is an anonymous card, where the owner’s name is not printed that does not need any Know-Your-Customer (KYC) verification and has a daily limit of $9,900 for $40 per card including delivery. The second option is UnionPay PLUS Card where the owner’s name is printed with a daily limit of $50,000 for only $60 including delivery.
Tronipay estimates the release of more than 2 million cards worldwide over the next three months.