Cryptocurrencies like Bitcoin are designed to function anywhere on the globe where the internet is accessible. Because of this, the currency is useful for someone who is always on the move.
That is especially true, as traditional payment channels can be challenging since most do not cover every city or country you visit. For example, Venmo is only available in the US, and PayPal is not available in many African and Asian countries.
Also, some channels might limit your spending, especially if you have to complete some payments outside the country of origin or residency.
Even though there is a growing adoption of crypto around the world, most merchants do not accept it as payment for goods and services. That is mostly because the merchants know little about it, the regulations in their country do not facilitate their use, or they lack the necessary logistics.
With that stated, crypto is now linkable to traditional payment methods, making it useful and ideal for international travel. In particular, that has been achieved through the crypto debit card.
A crypto debit card is issued by an exchange like Coinbase or a members’ club like ClubSwan supported by mainstream payment rails, such as Mastercard and visa. That means you can easily use it to pay millions of global merchants. It also means you can withdraw from local ATMs anywhere on the globe.
But how exactly does a crypto debit card work?
The card provider often assigns you a segregated pool bank account denominated in dollars, Euros, or sterling pounds. They also give you access to exchange through an online portal. This marketplace is linked to a crypto wallet.
That means your bank account is loaded through the exchange every time you shop in a shop that can’t accept crypto. This can happen automatically or through your prompting. Consequently, your debit card is a convenient on-ramp and off-ramp for your crypto usage.
Besides being able to spend your crypto in most stores, both online and brick-and-mortar, some of the crypto debit card providers also offer concierge services for travel. An example of such a provider is ClubSwan, which helps you with business travel, luxury vacations, and exclusive event registration.
Some of the crypto debit cards are designed to be fashion tools. This is achieved through the face designs and the material they are made of. The metal cards issued by ClubSwan belong to this category.
Indeed while the debit card enables you to spend your crypto on the go, the crypto is giving the card relevance, which means the physical or virtual card might be around for a long even with the ongoing financial technology revolution.