Global payments giant Visa Inc (NYSE: V) is reportedly set to approve the issuance of Australia’s first physical debit card that will allow users to spend Bitcoin (CRYPTO:BTC) and other cryptocurrencies for daily purchases.
While this is not the first debit/credit payment option for paying with BTC, this new card — whose app was created by Andrew Grech and Richard Voice at CryptoSpend, an unlisted Australian start-up — marks the first time where customers will enter the retail payments industry by using cryptos on an Australian payments card, which when announced will be part of an international card scheme’s network. In other words, the CryptoSpend card can be used just as normally as you’d use any other credit or debit card since it will directly link to any facilitated bank account that you might have.
CryptoSpend co-founder Grech told CoinDesk that his company’s card would provide Australians with another “flexible way” to spend their crypto on everyday items.
“Anything from a cinema ticket to your new pair of headphones,” said Grech.
As well as partnering with Visa, CryptoSpend will be working alongside Novatti Group and BitGo. The ASX-listed Novatti will issue the card, which is expected to hit Australia in September, while BitGo, a New York-licensed company specializing in institutional digital asset custody, trading, and finance will be in charge of the crypto assets.
Besides Bitcoin, CryptoSpend said its app, which has its own wallet on which users can hold their crypto coins, will also allow customers to make seamless payments possible with cryptocurrencies such as Ripple (CRYPTO: XRP), Bitcoin Cash (CRYPTO: BCH), Ether (CRYPTO: ETH) and Litecoin (CRYPTO: LTC).
At last check, BTC was changing hands at around $31,800, down 2.70% on the day. Ether, Ripple, Bitcoin Cash, and Litecoin were also down, trading at $1,910, $0.59, $451 and $124.92, respectively.
Shares of Visa are currently up less than one percent to $246.09 in early market trading.