NearPay connects banking to crypto with virtual credit cards

The worlds of fiat and crypto have finally become entwined as NearPay launches its virtual crypto cards and wallet apps.

NearPay has launched its virtual crypto cards together with its wallet, available on IOS and Android. The NearPay platform enables a user to use the traditional financial instruments such as their bank account or a credit card to send, receive and exchange cryptocurrencies.

What is more, NearPay allows users to issue a virtual Visa debit card which would enable them to spend their crypto on online purchases, with an instantaneous conversion into fiat at time of purchase.

The service is available to begin with across the whole of the European Economic Area, with the addition of the UK.

38 cryptocurrencies are now supported by the NearPay wallet. These include the major cryptos such as BTC, ETH, USDT, and obviously NEAR.

Ivan Llin, COO of NearPay, had the following to say on the launch:

“At NearPay we have 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. With our newly 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“.

A coming feature for the NearPay wallet will allow users to earn rewards at a compound rate of up to 15.81% API. All with no deposit or withdrawal fees.

Opinion

This latest offering by NearPay is really pushing out the frontiers of what can be done by combining the innovations within crypto with the existing legacy financial system. A user being able to use their crypto to make purchases alongside their usual bank cards will provide a very welcome extra source of spending.

The integration of earning rewards, if it is anywhere near the quoted 15.81%, could be a real game-changer, and retail users are likely to avail themselves of the service.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.