UK-based e-wallet service Payglobal has introduced a new service to enable users to store cryptocurrency into existing debit cards.
The company introduced the new service with the aim to enable users to transact in alternative currencies.
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Under the process, the cryptocurrency is converted into fiat and then it is stored onto the cards.
Currently, the company is supporting Bitcoin core (BTC) and Ethereum (ETH) and other forms of cryptocurrencies will be added gradually.
Interested customers are also required to register themselves at the company’s website with necessary details.
Once completed, users can choose the cryptocurrency they would be paying with and fiat currency they intend to receive.
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By GlobalDataSubsequently, they can choose the amount to be transferred to the debit card. Currently, the range of the transaction is set between €5 and €1,000.
The initiative is said to be first of its kind that enables cryptocurrencies to be stored in existing debit cards. Other similar offerings involve issuance of dedicated crypto-fuelled cards.
Payglobal CEO Giora Tal was quoted by the news.Bitcoin.com as saying: “Converting cryptocurrency to fiat money and sending it to your existing bank card through our regulated e-wallet platform provides customers with a quick and easy way to access their funds worldwide.
“The way we can transfer money from person to person, or company to a person is constantly evolving and we are delighted to be the pioneers paving these new payment channels.”
