Wednesday, October 5, 2022

Nexo Introduces Crypto-Enabled Credit Card Powered by Mastercard

Instant crypto loaner, Nexo has launched its crypto credit card powered by Mastercard which will enable users to hold down their crypto as collateral for goods and services instead of outrightly selling it. Interestingly, this is the world’s first crypto-enabled Mastercard to be launched in the financial markets, especially in selected markets in Europe.

The introduction of this credit card is a collaborative effort involving payment giant, Mastercard and DiPocket, an e-money wallet platform and Nexo card provider. This will provide users access to over 92 million merchants globally where Mastercard has a presence. Customers will be able to spend up to 90% of the value of their digital assets and at the same time, not sell any of them.

Mastercard will provide technical support and come up with creative elements for the payment card. There are no limitations to the cryptocurrencies that can be used for this purpose, but so far, the approved digital coins are Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).

Just like the conventional Mastercard payment cards, the Nexo card is available in both its virtual and physical forms. The cards will be integrated with both direct Apple Pay and Google Pay for easier access for both Apple and Android users. 

Based on information on the Nexo website, twenty-nine European countries where these cards will be instantly available for use have been selected, amongst which are Belgium, Finland, Czech Republic, Cyprus, and France. The United Kingdom is also among the selected nations. 

Features of the Nexo Crypto Credit Card Powered by Mastercard

Asides from the benefit of not selling the user’s crypto, the annual percentage rate (APR) of the credit card will initiate at 0% and remain on that active credit line. This is the exact explanation of how users can hold down their crypto as collateral.

Foreign exchange fees for funds up to 20,000 euros in a month will not be charged. Fees will not be charged on the Nexo card for monthly plans, minimum repayment plans, or even inactiveness of the wallet. There is also a 2% cashback policy for every customer in every transaction.

For every purchase made with the Nexo card, users will receive 2% of the crypto spent back in their account, payable either in BTC or the NEXO token. The Nexo wallet and card can also be accessed seamlessly via the Nexo mobile app.

Victoria Nye
A Blockchain columnist who is enthusiastic about developing a network interface between the real world and the cryptosphere.

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