Increased issuance and adoption of crypto debit cards are coming at a time when major card networks are focusing on digitizing cross-border payments using blockchain and distributed ledger technologies.
In an expansion of its current cryptocurrency program, Mastercard is making it easier for companies in the digital currency space to issue branded payment cards as seen recently in a deal with Wirex. Allows digital currency companies to issue cards on Mastercard’s network. Wirex became the first native cryptocurrency platform to gain principal membership. PayPal -0.3% has also entered the cryptocurrency market and partnered with Venmo. Soon, PayPal’s 265 million users will be able to buy bitcoin via the Venmo mobile payment app. According to Coindesk, PayPal could begin rolling out bitcoin payments within the next 3 months. The cryptocurrency industry has also been making progress in the issuance of cards as well. For example, Binance announced recently that its payment card, Binance card, will be coming to Europe in the next year.