NearPay Launches Virtual Crypto Cards, Wallet for iOS and Android; Physical Cards to be Launched ‘Soon’

Seeking to bring what the company describes as «the modern digital banking experience» to the cryptosphere, crypto finance protocol NearPay has launched virtual crypto cards and its wallet for iOS and Android.

The service is currently available to residents of the European Economic Area (EEA), which comprises the European Union member states and Iceland, Liechtenstein, and Norway, as well as the UK.

NearPay Wallet is now available on all platforms, including Web, iOS, and Android. Users can purchase crypto using their credit cards or via bank transfers, send, receive and exchange it, as well as make withdrawals directly to their bank accounts, the business said in a press release shared with Cryptonews.com. 

NearPay says its wallet already supports 38 cryptocurrencies, including bitcoin (BTC), ethereum (ETH), and tether (USDT), among others.

“Along with crypto payments and conversion, you can make conventional bank transfers in EUR and GBP. In the near future, Wallet will provide earning rewards with a compound rate of up to 15.81% API without any deposit or withdrawal fees,” according to the statement.

Users can get a virtual Visa debit card which enables them to spend their crypto on online purchases with automatic conversion to fiat.

The NearPay Card enables users to make everyday purchases with crypto, anywhere Visa is accepted, they said. The card can be used «right after your registration is approved. Then through NearPay app/web interface you can track your spending, control your PIN, freeze/unfreeze your card, and more,» said the announcement. 

A spokesperson for NearPay told Cryptonews.com that currently, the company is only offering a virtual card to its customers in Europe, but that physical cards “will be launched soon”.

Ivan Ilin, COO at NearPay, said that, with the use of the company’s “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”.

The business said it expects that, per Insider Intelligence data, payments with the use of crypto will exceed USD 10bn in total transaction value across the world this year. Some 60% of crypto owners show interest in using cryptocurrencies as a payment method to purchase products and services online, it added.

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