Posted 2 years ago | by Ben Armstrong
Binance Launches New Virtual Visa Crypto Debit Card – Physical Version Coming
Major crypto exchange Binance has announced in a blog post that it will launch a new product, the Binance Card Visa Debit card, which aims to offer crypto payment services anywhere in the world to its users.
According to Binance:
"The Binance Card does everything a regular payment card does, plus much more. It works like a regular debit card issued by your bank – which, in this case, is your Binance.com account. You simply top-up your card with funds through the Binance Card App in the form of Bitcoin or BNB, and you're ready to go."
The Binance Card is issued by Visa. It includes 46,000,000 offline and online merchants across 200 nations globally. The Binance Card app will power the card, and allow users to control their holdings and spending from an easy to use mobile app.
A Binance Physical Card is Planned
While waiting for the physical Binance Card to be issued, the virtual Binance Card is already available in a beta version. The physical Binance Card is also expected to be available for use in the near future.
The Binance Card reportedly will be rolled out in Malaysia followed by Vietnam and then to other countries, according to the Binance blog post. Anyone who is interested in the new product should download the Binance Card App, which is free.
There is a one-time upfront fee of $15 USD that users need to pay for the physical Binance Card via the Binance crypto wallet. With the exception of this fee, there are no hidden or monthly charges which users have to pay for the Binance Card.
Opening Up New Opportunities
In early 2016, Changpeng Zhao, the CEO of Binance, took part in an AMA Session announced that a Binance Debit Card may come in the future.
"We're not in a plan to offer a Binance credit or debit card just yet. We're working with other third-party partners to enable those. So yeah, we're looking for partners too, in those areas."
Now it appears that it is the right time to launch a crypto-based debit card, and allow people all over the world to use cryptos in the same way they would use cash. Clearly, any use case for cryptos will help to popularize decentralized currency, which is a plus for the sector as a whole.
It would also seem that many of the roadblocks, like integrated operations with payment providers like Visa, have also been overcome. All of this bodes well for cryptos as an asset class, and payment solution, over the coming years.