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As a crypto business owner, extending your product and service offerings to end customers is crucial for retention and crypto adoption. From ensuring a smooth onramp and offramp features to enabling users to spend their coins the way they wish to; it’s definitely a handful.
What takes it up a notch is a virtual crypto card.
The whole point of buying cryptocurrencies is so you can spend it. So far, paying with crypto directly has been rather complicated – having to move money between multiple banks to access your own money. But with crypto cards – virtual and physical – end users can pay from their linked crypto exchange wallets directly.
What exactly is a virtual crypto card?
A virtual card is pretty much the same as a physical card except that it’s digital and can be added to your phone wallet such as Google and Apple Pay. It has the same numbers, expiry date, and CVV as your physical card so you don’t need to carry it everywhere with you – providing an extra layer of security. Not only that, but in case of emergencies, you can lock your card from your phone.
You can create your virtual crypto card with a card issuer and depending on your end users’ needs, either offer them a debit or prepaid card.
How can consumers make use of virtual crypto debit cards?
Imagine you received your salary in Euros and wish to set aside some in your virtual crypto wallet. You would then onramp a certain amount of crypto using fiat currency and proceed to make daily payments with it – be it buying groceries or paying for online subscriptions.
With a virtual crypto debit card, everyday payments are much more accessible and safer.
To begin paying with a virtual crypto card, the client goes through a few simple steps:
Step 1: The user creates an account in their crypto app where they complete their KYC onboarding and onramp cryptocurrencies of their choice.
Step 2: The user places an order for their virtual card after which they can start spending their digital currencies immediately.
Step 3: Once the user swipes their card in the store, the processing begins the way it would for any Visa or MasterCard card.
Step 4: The card issuing company sends a Just-in-Time funding request which the crypto app then validates after confirming the customer’s crypto balance.
Step 5: Fiat funds are released and the transaction is completed and confirmed in real time.
What makes card issuing so tricky?
Cards are a crucial component of any payments business. However, issuing them requires a minimum of eight different partners with an additional compliance regulatory management – taking away vital resources from the business that they would otherwise spend to build and scale.
For this reason, partnering with a virtual card issuing platform is a much more practical option.
This is where all-in-one crypto banking platforms save unnecessary overheads by taking care of partnerships and integrations so you don’t have to worry about it. On top of that, the KYC/AML integration allows a much faster client onboarding process.
Give your customers the full crypto experience
Virtual crypto wallet has the capability to perform similar functions as a bank through their secure storage and seamless fund transactions. Let’s break down how crypto wallets can be built to scale on a crypto banking base.
Virtual crypto wallet allows multi-currency storage when integrated with banking services, enabling users to hold both crypto and fiat in one place, thereby allowing transactions from the same application.
When connected with a De-Fi system, customers can access a staking feature through their crypto wallets. Through these wallets, they can also earn annual interests and crypto rewards.
Access to a crypto wallet makes for instant and secure payments as users can simply tap their crypto card at any POS. And while under normal infrastructure crypto payments might take time, it only takes seconds with the Lightning Network.
Building blocks for a crypto-friendly society
To create a truly crypto-forward society, simply acquiring cryptocurrencies won’t be enough. Constant innovation and creative expansion of the space is a necessary step and only then can we expect mass adoption.
For that to happen, solutions such as crypto banking as a service become a necessary tool so crypto companies can focus on building and launching products their end consumers need. Businesses looking to expand their product offerings can take advantage of the card issuing infrastructure and create their own branded white label crypto cards – all in a matter of days.
Striga Crypto-native Banking as a Service:
Your path to building and launching financial products
Join the financial businesses that use Striga’s cloud platform to delight their customers and launch their own products without the complexities that come when dealing with core banking solutions’ relationships, licensing, compliance and payments methods.
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