The adoption rate of Bitcoin leaves a lot to be desired. The slow rate of adoption is attributed to limited spending options when it comes to making payments for regular, everyday needs. Uphold, the cryptocurrency platform has made spending digital currency a bit easier by introducing virtual cards.
Uphold supports multiple cryptocurrencies including Bitcoin, Litecoin, Ethereum, and Voxel. The platform is already known for its e-wallet service. The service allows customers to save their digital currency deposits in fiat backed wallets, avoiding fluctuation in value due to price volatility. With this new feature, Uphold customers can easily spend their cryptocurrency on any online payment gateway that accepts payments through MasterCard credit and debit cards.
Creating a prepaid virtual MasterCard on the Uphold platform is an easy process. By using this feature, businesses and individuals don’t have to go through the hassle of transferring the digital currency to an exchange and converting into fiat or finding the platform that accepts Bitcoin and/or other cryptocurrencies. The prepaid virtual card allows users to decide how much they want to spend. The limit will be set by the customer and once the card crosses the limit, the user will have to generate a new virtual MasterCard.
According to Uphold, the virtual MasterCard will be available in US dollar denomination. The minimum balance required to generate a virtual card is $5 along with an additional 3% issuance fee. Users can create multiple cards and label them accordingly for better identification. Upon generating a virtual card, cryptocurrency balance equivalent to the predetermined maximum limit will be locked for payments through the card. In case the balance remains unspent, it will be credited back to the wallet after the card’s expiry or cancellation.
The provision of virtual MasterCard on Uphold is expected to help many people in both developed and developing nations to use Bitcoin for making online purchases. The additional convenience will also help in promoting cryptocurrency adoption among the masses.
Ref: Uphold Blog | Image: Uphold