NearPay, a crypto-finance protocol, is now launched virtual crypto cards and a wallet for iOS and Android users.
NearPay is now available on all platforms including web, iOS and Android. The platform allows its users to purchase digital assets via credit card or even bank transfer.
The entire transaction process has been simplified as users can send, receive, and trade a digital asset without hassle.
Financial Protocol has attempted to bring a modern digital banking experience to the entire industry.
The platform will also allow a user to make withdrawals only through a bank account.
Additionally, there is a provision to instantly use a virtual Visa debit card that allows digital assets to be spent on online purchases with an option to automatically convert crypto to fiat currency.
Currently, NearPay can support 38 cryptocurrencies including Bitcoin, Ethereum, and Tether (USDT) and other digital assets.
Crypto accepted for daily purchases on NearPay
The card issued by NearPay now offers users the ability to make everyday purchases with digital assets. The platform accepts Visa debit cards as listed above, but only after the registration process is complete.
The NearPay platform also allows users to track their spending, control PIN and also freeze and unfreeze the card along with other features, the announcement said.
Moreover, he also mentions,
In addition to crypto payments and conversion, you can make conventional bank transfers in EUR and GBP. In the near future, Wallet will provide rewards with a compound rate of up to 15.81% API without any deposit or withdrawal fees.
Payments that have been made via cryptocurrencies will exceed $10 billion in total transaction value worldwide for the first time this year.
Additionally, 60% of digital asset owners still choose to use the virtual asset as a comparatively more private or secure payment method for making purchases online.
Ivan Ilin, COO at NearPay mentioned,
At NearPay, we’ve taken the best features of modern digital banking and brought them to the world of crypto to create a simple interface that makes managing all your finances, both fiat and crypto, easier than ever. Through our recently launched iOS and Android apps, our customers can access NearPay Wallet on the go and instantly get virtual crypto cards to spend their assets without converting them in advance.
NearPay is a custodial crypto wallet
Many other retail fintech apps allow their customers to buy virtual assets, but what users buy is virtually synthetic in nature, meaning those assets cannot be withdrawn. NearPay is a custodial wallet that allows users to directly own their digital assets and operate them as a user wants to use them.
For those unaware, a custodial wallet is a wallet in which the private keys are held by a third party. This means that a third party will have full control over a user’s funds while the user will only have the right to give permission to send to receive payments.