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According to recent research, over 560 million people own some form of cryptocurrency worldwide. However, owning a crypto asset is of little benefit if it cannot be used in real life. To take advantage of digital currency, the crypto world must be connected to the real world for a seamless experience.
Fintech businesses are bridging the gap between the real and digital world by allowing customers to convert their crypto assets into fiat and spend on anything they like. Businesses offer crypto-backed Visa or Master cards to the users, which helps the customers to spend cryptocurrencies.
Cryptocurrency cards enable easy spending
With Bitcoin Visa cards, customers can make purchases from millions of merchants worldwide. Spending with a crypto-backed Visa card is as simple as spending with a traditional Visa card.
The key feature of the BTC Visa card is the ability to convert cryptocurrencies to fiat instantly at the time of purchase. The streamlined process is called “off-ramp,” which ensures that users can spend crypto assets without the hassle of manual conversions and transfers.
By eliminating the need to first exchange crypto for fiat through exchanges, the BTC Visa card offers a time-saving, cost-effective, and efficient solution to the end users for everyday spending.
With a BTC Visa card, end users can pay at coffee shops, bars, restaurants, online shops, or anywhere where Visa is accepted.
Issue BTC VISA card in a cryptocurrency wallet app
Integrating a BTC Visa card into a cryptocurrency wallet app opens new opportunities for the end users to spend their Bitcoin effortlessly. Businesses can partner with card issuance companies to issue BTC Visa cards to customers.
Each card issued in the cryptocurrency wallet app must be connected to a source account. Card issuance companies allow businesses to decide which accounts, such as BTC, ETH, USDT, USDC, BNB, and POL, should be available on the platform. Similarly, if a business wants to issue a BTC visa card, then it would be connected to a BTC account. Read more here.
Companies like Striga are helping businesses integrate BTC Visa cards into platforms. The BTC Visa card offers businesses a great opportunity to incentivize customers when users make purchases with their crypto prepaid card. Additionally, the card enables users to monetize Bitcoin assets by spending an amount equal to fiat at the time of purchase.
Businesses can offer physical and virtual cards to end users and customize the Bitcoin cards with a custom look and feel. Striga empowers businesses to embed BTC Visa cards into their platforms with a single set of APIs. APIs help businesses easily manage the whole card program, including activation, expiration, termination, suspension, and more.
KYC for crypto transactions & issuance of BTC VISA cards
Customers should undergo KYC before businesses issue cards. Payment card issuers are responsible for customer KYC, ensuring that all onboarded users are legitimate. BTC Visa card providers use KYC to ensure effective AML compliance.
Once the user clears the KYC, businesses can start issuing cards. Companies can issue physical, virtual, or both types of cards to the end users. During card issuance, users are expected to generate 3D secure passwords for both types of cards, which are required to use whenever online transactions are made with BTC Visa cards.
Virtual BTC Visa cards are issued instantly in the application. For physical cards, once the user applies, details are shared with the manufacturer and dispatched when it’s ready. After the user receives a card, it should be activated by using the last four digits of the card in the application. After activation, the end user can freely use a BTC Visa card anywhere in the world.
BTC VISA card solution by Striga
Striga has developed a single set of APIs that helps businesses issue BTC Visa cards to end users. The card lifecycle is managed from a single dashboard, which means businesses do not need to partner with multiple providers for card programs.
Additionally, Striga handles KYC and AML checks allowing our partners to focus on product marketing and overall business growth. Our collaboration with Bitrefill highlights Striga’s commitment to making it easier for businesses to scale without the burden of managing complex regulatory requirements.
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