Crypto Debit Card Planned By Chain2Pay And MinexPaybr>
Payments startup Chain2Pay is creating new crypto debit cards for MinexPay, a company that is aiming to make everyday purchases with crypto fast and easy.
Chain2Pay, a subsidiary of the blockchain firm MinexSystems, develops strategic and technical solutions that facilitate the electronic exchange of value. The startup provides on-the-ground, practical experience across the financial services, FinTech, blockchain, and payments ecosystems.
Chain2Pay is developing the MinexPay crypto debit cards to work like a regular debit card, except that the funds are withdrawn from crypto funds rather than a bank account. Users will be able to used the cards at all merchants around the globe that supports VISA or Mastercard.
“The transaction speed is an average of three seconds, because the user does not need to wait for the crypto to exchange to fiat through the exchange,” said Boris Shulyev, MinexSystems CEO. “The fund provides that step in advance, so a fiat equivalent is ready to use on demand.”
According to Chain2Pay, the crypto debit cards will help people living in countries with volatile currencies that are subject to high inflation.
“Options like MinexPay’s crypto debit card allow users to spend a stable cryptocurrency without changing anything about their daily lives,” Chain2Pay said. “It’s the equivalent of moving from one bank to another.”
The MinexPay cards will charge a 2% withdrawal fee for the company’s native token, Minexcoin, and 4% for all other cryptocurrencies. In comparison with other crypto cards, MinexPay offers reduced service fees, as well as up to 1% cashback.