KuCoin has launched KuCard, a payment method that allows holders of cryptocurrencies to transact using their digital tokens. The initial operation is restricted to the EEA section, an acronym for the European Economic Area. KuCard will first support the EUR-USDT conversion for payment, thereby expanding the list of fiat currencies in the days to come. Similarly, KuCoin will expand the list of locations where its product operates in the future.
Users may proceed with the crypto debit card claim and identity verification process until that time. This innovation is expected to bridge the gap between the conventional and digital payment landscapes.
KuCard works in all VISA-accepting stores for hassle-free spending. It aims to boost the liquidity and utility of cryptocurrencies. In other words, they can be used as any other fiat currency without having to worry about what happens if digital tokens stay in the wallet or if their usage will ever diversify into the real world.
Flexibility via KuCard is to make sure that users are in control over the spending of funds. KuCard rewards users with discounts and cashback when they transact. It has been integrated with Apple Pay and Google Pay, sporting two crucial features: transaction history and notifications. This will help them keep track of their spending and know what offers are available to them at a given point in time.
For KuCard, only residents of the EEA can register. KuCard will allocate a crypto debit card to eligible individuals who complete the identity verification procedure. KuCoin has made a firm commitment to keeping its support staff vigilant around the clock to aid users in obtaining the said debit card. Additionally, they must register on KuCoin to use their KuCard. Follow the process as mentioned in our KuCoin review to start and complete the process.
The native currency in the region is EUR, which is why it has been chosen. USDT comes into the picture for its stability, which mitigates the worrying factor of volatility. A one-time fee of €9.99 is applicable at the time of issuing a KuCard. Loss or damage to the crypto debit card will incur €9.99 as a fee. There are no charges to cancel the card, and there are no charges for transactions in euros. 2% of the transaction fee applies only if transactions happen outside of Europe.
Withdrawals in euros within the region will attract €1.50 for every transaction and 2% per transaction outside Europe. Annual maintenance for KuCard is €10, while there is no fee for maintaining an insufficient balance if the transaction is declined. An additional fee worth €30.00 applies only if customers opt for Express Delivery of the crypto debit card.
One user can only have one KuCard; it will be linked to their KuCoin account. After approval, customers can instantly start using their crypto debit card.