Visa to Approve First BTC Issuing Card in Australia: Report
Visa will approve the first BTC issuing card in Australia and the people of the country will be able to pay with BTC and other assets using their new card, as we read more today in our latest crypto news.
Payment giant Visa will approve Australia’s first BTC issuing card so that people living there can spend their BTC in local shops and locations. The innovation will allow customers to shop directly using cryptocurrencies instead of converting digital assets into fiat money. As reported by the Australian Financial Review, Australians can issue cryptocurrency through a new debit card created by CryptoSpend. The American multinational financial services company approved the trial after verifying compliance with AML regulations. It should also be noted that this will be the first time Australians have used digital assets on payment cards for everyday purchases in shops, bars and other places, while Visa is expected to approve the move later this week.
According to the report, the token is set to be available in the market from September and will be issued by global software technology provider Novatti Group, while BitGo custodian is responsible for asset protection. In addition to Bitcoin, customers have other options such as Ethereum, Bitcoin Cash and Ripple available. Richard Voice, co-founder and COO of cryptoSpend stated that the innovative token will benefit customers as they show a growing interest in crypto:
“We have clients ranging from 18-year-old students to 70-year-old grandmothers. [This] further underscores the growing appetite of people of all ages to use cryptocurrencies as everyday currency. “
A few weeks ago, the payment technology company reported that around $ 1 billion had been spent on a crypto-linked Visa card, with company officials saying:
“For the tens of millions of people who use these platforms, one of the easiest ways to issue crypto is with a Visa card. We see digital wallets and crypto platforms develop fully digital payment products. “
In addition, in April during the conference call for the second quarter of 2021, Visa showed interest in integrating a crypto payment system into its existing infrastructure. Alfred Kelly, Visa CEO, stated that the company views Bitcoin and other assets as digital gold.
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