There have been regular reports of cryptocurrency debit cards discontinuing operations in the last two years. However, a company called Payglobal is reportedly breaking the trend. The company has revealed a new feature, which allows users to execute cryptocurrency to fiat transfers their existing bank card.
Payglobal is a UK based e-wallet service, licensed by the Financial Conduct Authority (FCA), and it aims to provide a plethora of end-to-end solutions for those who wish to get remunerated using alternative payments and cryptocurrencies. The British company will now be able to assist its e-wallet users in the European Union, Australia, Nigeria, Mexico, and Singapore in making cryptocurrency to fiat transfers using their typical bank cards. However, the Payglobal e-wallet is not available for residents of the United States and a few other countries.
Giora Tal, Payglobal CEO said that the new feature had been made available only for Ethereum and Bitcoin initially. He, however, ensure that other digital currencies will also be added to the list on a later stage. He also said that along with other cryptocurrencies, more countries will be allowed to use these services. Tal further added that the feature which allows users to convert cryptocurrencies to fiat and send them to their existing bank cards will definitely attract more users. He said that the new option reduces friction in the payment process and encourages innovation.
Though the competition in crypto-fueled debit card space is extremely fierce in the European region, Payglobal believes it will create a strong user base, as it is providing convenience to the user, by allowing them to load their existing bank cards. While talking to reporters, Tal said that the company’s state-of-the-art technology offers new payment solutions, which were unheard in the market.
Tal said that the ways users transfer money from person to person, or company to a person are constantly evolving, and claimed the company is delighted to be the “pioneer” paving these new payment channels. Apart from the cryptocurrency solutions, Tal also elaborates on the company’s stint in tools for freelancers, the gig economy, Fintech start-ups, blockchain developers, and family-to-family remittances.
To avail these services, a user needs to register for the Payglobal ‘Know Your Customer’ verification process. This requires them to submit a government-issued ID card, mobile number, and proof of address. After the approval process is complete, the user simply needs to select the fiat currency they would want to conduct the withdrawal in and pay in cryptocurrency. Once the transaction has been approved, the details will be displayed on the platform’s dashboard. From here, the user can choose to send the funds to their Visa card.
Users will be able to use Payglobal e-wallet for transferring a minimum of €5 and €1,000 at the maximum.
The cryptocurrency market has been down for almost all of 2018, and the trend has been carried over this year too. Bitcoin alone kept falling for six straight months, ending its falling streak in February 2019. Nonetheless, experts and established traders have predicted that the bulls will take over the bears by the end of this year. If that happens, e-wallets like Payglobal will benefit tremendously.