With CoinJar Card, EML Payments and CoinJar, Australia’s longest-running cryptocurrency exchange, are bringing cryptocurrency into the mainstream. Cardholders will be able to pay with bitcoin using a digital or physical card everywhere Mastercard is acknowledged as a result of the partnership.
The release draws on the success of CoinJar Swipe, a crypto debit card that has been on the market for six years and works with EML. It lets customers spend 30 different digital currencies with no recurring fees and a fixed conversion rate of 1 per cent.
CoinJar, an Australian-based cryptocurrency card exchange, claims that the CoinJar Card is the first “Australian-native” cryptocurrency card. The exchange enlisted the help of payments solutions company EML for technological guidance on how to operate its new card.
CoinJar Card is the next phase in the company’s mission to make cryptocurrency practical and available to all daily. The exchange, which has over 500,000 clients in Australia and the United Kingdom, has already assisted consumers in conducting billions of dollars in Bitcoin, Ether, and other cryptocurrency transactions. CoinJar Card enables those users to bring their cryptocurrency into the real world one purchase at a time, in a simple, safe, and seamless manner.
According to CoinJar’s chief marketing officer, Dominic Gluchowski, his firm is “just a tad ahead” of its competitor, CryptoSpend, in terms of launching a domestic crypto card in Australia. The decision comes on the heels of global payments giant Visa authorising a similar product from local Australian company CryptoSpend in July. As per Gluchowski, all transactions are denominated in Australian dollars (AUD) and are processed by Australian banks and payment providers.
What is CoinJar?
CoinJar, founded in 2013, is an Australian bitcoin platform that allows for the buying and selling of bitcoins as well as the acceptance of bitcoin payments by retailers. Some of the world’s most forward-thinking investors, including Digital Currency Group, Boost VC, and BlackBird Ventures, have supported the exchange. It is a reliable and credible cryptocurrency exchange with over 400,000 customers and over $1.5 billion in bitcoin exchange.
CoinJar claims to be a secure cryptocurrency exchange and wallet with bank-like security measures to safeguard customer cash and personal information. For optimum security, 90 percent of user money is held in offline wallets placed in secure locations. CoinJar has never been hacked or compromised, resulting in the loss of digital assets, according to our investigation. The exchange protects its clients’ information with a layer of security measures such as data encryption, Transport Layer Security (TLS), quarterly security audits, and best practices in organisational security.
What is EML Payments?
EML Payments provides payment card technology solutions for gaming transactions, regulatory disbursements, medical reimbursements, and incentive payouts. To build customisable feature-rich solutions for enterprises, brands, and their consumers, the firm offers market-leading program management and highly experienced payments knowledge. EML Payments has customers all around the globe.
Additionally, EML Payments and Fupay have established a collaboration to provide organisations with an advanced white-label BNPLaaS solution. The firms want to provide features such as low-touch e-identity verification and affordability evaluation, personalised and flexible payment choices based on the user’s cash flow, and real-time virtual card and payment options available in a single app.
Interested users must take note of the fact that it is a crypto card, despite being partnered with MasterCard. Although the card promises a fixed conversion rate, it’s still better to take precautions as the card has yet to be analysed and tested. As of now, the card is joining the growing number of crypto cards available to users and is the first to be the Australian crypto card but will not be the last as CryptoSpend promises to launch their own within this year as well. For those debating which one to get, you can do further research on the specifications for both cards.