Crypterium, a crypto payment service provider, has introduced the virtual version of its crypto debit card that readily integrates with Apple Pay.
UK-based Crypterium has announced that it has struck a vital partnership with Apple Pay that lets it issue virtual cards with advanced and sophisticated payment functionalities. The debit card provider revealed that the long-awaited deal gives first-time and existing users the opportunity of ordering a plastic card, a virtual card or both for free. From September 21, they also get to add their cards to Apple Pay and make instant payment via their iOS devices.
However, each user is, at the moment, restricted to just one free virtual card. And in cases where the user has already ordered for a plastic card, it is possible to set up a virtual card by simply generating a 3D passcode. According to the information made available, only first-time users have to scale KYC requirements to order these cards. It takes about 2 minutes to complete the identity verification process.
Once users activate their cards, they can load them instantly with the minimum and maximum daily deposit set at €2 and €5,000 respectively. As for tariffs, Crypterium charges a monthly fee of €2.99 for either of its plastic or virtual cards. Likewise, those with both cards will only pay a combined €2.99 as the monthly maintainer fees. Nonetheless, loading at least €299 across both cards or any of the two allows users to waive monthly charges automatically.
More importantly, users can begin to manually add their cards to Apple Pay and unlock all of the benefits that come with it. Therefore, Crypterium’s latest offering is optimized for online shopping, payments and subscriptions. And in the coming future, the debit card provider plans to automate the integration of the virtual cards to Apple Pay and allow each user to add up to 5 cards. It is also working on making its virtual card compatible with Google Pay.
The Crypto Industry Adopts Hybrid Payment Systems
While explaining the uniqueness of this offering, Steven Parker, CEO of Crypterium and a former executive at Visa, stressed that the firm has set its sight on playing a pivotal role in the ongoing digital shift in the financial sector. Hence, the introduction of the Apple Pay-integrated virtual cards. He stated:
"Our world is always changing, first from paper bills to plastic cards. Now from plastic cards to virtual cards. That’s why the Crypterium team worked on making the option for users to integrate their virtual card with Apple Pay a reality. Why wait for a plastic card, when you can get a virtual one instantly? At Crypterium, we believe that digital technology is the future."
Besides, Parker believes that the viable way to achieve quick adoption is to incorporate the infrastructure of payment services like Visa and Mastercard as opposed to rebuilding from the scratch. Hence, Crypterium’s partnership with Apple Pay is one of its latest attempts to capitalize on the vast accessibility of established systems and create a robust hybrid solution. This announcement follows the introduction of the Crypterium Card Visa Edition in July. After a year-long negotiation, the crypto-focused fintech firm, which boasts a global user base of over 500,000 customers, finally introduced its Visa-powered card and expanded its coverage exponentially.
Other crypto payment solutions like Binance have also adopted a similar approach. Recall that Coinbase became the first crypto firm to emerge as a principal member of the Visa network. With this status, Coinbase cannot only issue Visa debit cards but also provide intermediate services to other card payment solutions. Also, in July, UK-based Wirex achieved a similar feat when it secured a Mastercard principal membership.
The influx of principal partners of established market players in the crypto payment sector means that more offerings are, to a large extent, impervious to risks associated with the overly intermediary-based processes of issuing and maintaining debit cards. A prime example of the drawbacks of this system was in full display when at the peak of the Wirex AG scandal.
Although Crypterium is yet to become a principal member of any of the two major payment networks, its partnership with Apple Pay is a milestone in itself. The startup expects this achievement to propel its market visibility and expose its users to a wide variety of payment infrastructures.