What Is A Crypto Card? How Does It Work?
A crypto card is a debit or credit card that allows users to spend their cryptocurrency holdings the same way they would spend traditional fiat currency. Many cryptocurrency exchanges have collaborated with businesses such as Visa, MasterCard, and Swipe to handle these transactions. Such cards are available in both debit and credit forms and provide a variety of choices and potential perks.
Until lately, to spend crypto, users needed to turn their crypto into fiat money using a cryptocurrency exchange and wait until the money was transferred to their bank account. However, more recent advances have made this much easier with the introduction of cryptocurrency cards.
These cards bring all the advantages of cryptocurrency – fast payments, low fees, and an easy-to-use system – and allow users to transact directly using their crypto funds without going through currency exchange.
The cryptocurrency wave is increasing, projected to grow at 11.1% over 2021-2028. As millions of crypto fans eagerly embrace blockchain technology, the world's major financial institutions are also taking notice by introducing crypto cards that let consumers pay for goods and services using their cryptocurrency of choice.
Crypto cards function similarly to traditional bank-issued debit or credit cards, allowing users to make purchases with their cryptocurrency holdings. Popular payment providers like Visa, MasterCard, and Swipe have collaborated with crypto exchanges to enable these cards to be used wherever traditional payment methods are accepted.
The transaction is carried out by the payment processing network associated with the company, providing convenience while shopping. These cards automatically convert crypto from the user's wallet into traditional currency to complete the purchase, making them usable for online and offline shopping, even at stores that don't accept cryptocurrency.
In addition to convenience, crypto cards may offer perks such as rewards in crypto for paying with fiat money at stores. They can also be used to withdraw cash from ATMs that support this form of currency, making them a practical payment solution.
For example, the Scallop card is an all-in-one debit or credit card that allows users to spend both fiat currency and cryptocurrency. It functions as a traditional payment card but with the added benefit of being able to store and use cryptocurrencies. One notable feature of the Scallop card is the Auto Top-up function, which automatically sells your crypto to replenish your bank account when your fiat balance runs low. This seamless integration of crypto and fiat currencies ensures you can conveniently manage and spend your funds without any hassles.
Some of its other wow features include:
- Scallop card has zero monthly or yearly fees
- Scallop card offers fast and easy crypto-fiat conversion
- You can earn rewards for every SCLP transaction using the crypto card.
- You may quickly convert currencies and use your card for purchases overseas with its safe payment.
Scallop is dedicated to constant innovation, enabling us to provide our customers with the best of both crypto and fiat worlds. We strive to offer cutting-edge products that meet the evolving needs of our customers. We invite you to experience our innovative solutions and discover how we can make managing your finances more convenient and rewarding.