Eurocoinpay, the Spanish cryptocurrency exchange, has closed an agreement to offer one of the first cryptocurrency-based debit cards in Spain. The card, which is already available to Eurocoinpay customers, allows users to access products in more than 90 million establishments in the EU and worldwide.
Eurocoinpay aims to promote Crypto payments in Spain.
Eurocoin Pay, a cryptocurrency exchange based in Spain and registered with the Bank of Spain, has partnered with MasterCard to become one of the first companies in the country to offer its own cryptocurrency-based debit card. Always keen to include cryptocurrency solutions as payment methods, the company believes this will help its customers make better use of crypto assets.
Herminio Fernández de Blas, CEO of Eurocoinpay, believes that this type of middle product is essential for crypto to grow in popularity. This move will consolidate purchases with cryptocurrency, something that is being implemented in many stores that accept digital assets as a form of payment.
According to Mastercard CEO Michael Mibach, this card will enable Eurocoinpay users to make purchases at more than 90 million stores worldwide.
Using Crypto as a payment method
Eurocoinpay takes this step in the direction of making cryptocurrencies useful to customers for various purposes. Fernandez de Blas explained:
This is one more step to make the use of cryptocurrencies more common. The aim is not to encourage trade with these virtual currencies, but to make them available to users so that they can decide to use the digital value of their choice as a means of payment.
Customers wishing to use this card must meet Eurocoinpay’s requirements and also pass MasterCard’s anti-fraud controls. The card is available to all customers of the exchange in the EU.
Eurocoinpay is the latest in a long line of exchanges that have expanded their portfolio of services to offer products that bridge fiat and cryptocurrency. The reason behind this is that credit giants like Visa and MasterCard are now more crypto-friendly than ever before, allowing financial institutions to offer more comprehensive crypto services.
However, even when supporting crypto payments, some companies are not yet fully sold on crypto as a payment option. In August, MasterCard CFO Sachin Mehra said the company views crypto as an asset class because of its volatility.
What do you think about the new cryptocurrency debit card offered by Eurocoinpay and Mastercard? Tell us in the comments section below.
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