Mercuryo, a payments infrastructure platform, has launched a new product called Spend, a euro-denominated debit card designed to bridge the gap between self-custodial crypto wallets and traditional payment systems. This card, issued by Quicko and operating on the Mastercard network, can be integrated with popular mobile payment services like Apple Pay and Google Pay, aiming to provide cryptocurrency holders with the same level of acceptance as traditional debit card users across Mastercard’s extensive network of over 100 million merchants.
The Spend card supports conversion from a diverse range of 40 different digital tokens, offering users a convenient way to access their crypto funds for everyday purchases. However, it’s important to note that while the card offers seamless integration with traditional payment systems, users will still be subject to the inherent volatility of the cryptocurrency market when converting their assets to fiat currency.
Mercuryo asserts that wallet providers integrating Spend will benefit from competitive off-ramp fees, making it an attractive option for those seeking cost-effective ways to access their crypto funds. Petr Kozyakov, co-founder and CEO of Mercuryo, describes Spend as a “milestone” in democratizing cryptocurrency access and “integrating it seamlessly with the traditional payment world.”
Currently, the Spend card is only available to users in the European Economic Area (EEA), with plans for global expansion in the future. The card has a monthly spending limit of 40,000 euros ($44,300) and comes with associated fees, including a €1.60 issuance fee and a €1 monthly maintenance charge.
The recent launch of the Spend card represents a significant step towards the mainstream adoption of crypto payments. As the cryptocurrency industry continues to evolve, such innovations are expected to play a crucial role in shaping the future of finance. The upcoming Benzinga’s Future of Digital Assets event on November 19th is anticipated to delve deeper into these advancements and their potential impact on the financial landscape.
