As a crypto business owner, expanding your product offerings is key to driving customer retention and encouraging crypto adoption. From ensuring smooth onramp and offramp options to enabling users to spend their crypto freely, delivering a seamless experience is crucial. A valuable addition to this suite is the virtual crypto card.
With a virtual card issuing provider, users can spend directly from their linked crypto wallets, making crypto transactions as simple as traditional payments and eliminating the need to shuffle funds between multiple accounts.
What is a Virtual Crypto Card?
A virtual card functions just like a physical card but exists digitally and can be added to phone wallets like Google and Apple Pay. It includes a card number, expiration date, and CVV, so users don’t need to carry a physical card—adding both security and convenience. In case of emergencies, the card can be locked remotely from a smartphone.
With a trusted card issuer, you can create and offer virtual crypto cards to end users, giving them the option to choose between debit or prepaid cards depending on their preferences.
How Can Consumers Use Virtual Crypto Debit Cards?
Imagine receiving part of your salary in euros and setting aside some funds in your virtual crypto wallet. You can then convert a portion into crypto and use it for everyday purchases, from groceries to online subscriptions.
With a virtual crypto debit card, these transactions are both accessible and secure. Here’s a quick breakdown of the payment process:
Account Creation: Users create an account in the crypto app, complete KYC onboarding, and load their wallet with their chosen cryptocurrency.
Card Setup: Users order a virtual card, enabling them to start making payments instantly.
Transaction Initiation: When making a purchase, the virtual card processes the transaction like any other Visa or MasterCard.
Funding Verification: The card issuer sends a Just-in-Time (JIT) funding request, which the crypto app validates by checking the customer’s crypto balance.
Fiat Release: The transaction completes as fiat funds are released in real time.
Why is Card Issuing So Complex?
Issuing cards is a fundamental part of any payments business, but it’s complex—typically requiring partnerships with up to eight different parties and additional regulatory management. This can drain resources that could be better spent on scaling the business.
Partnering with a virtual card issuing platform simplifies this process. An all-in-one crypto banking platform streamlines partnerships and integration, handling compliance and KYC/AML processes, and enabling faster customer onboarding.
Delivering a Full Crypto Experience for Your Customers
A virtual crypto wallet offers a secure and flexible banking experience. Here’s how it enables a comprehensive crypto experience:
Multi-Currency Storage: Integrated with banking services, the wallet can hold both crypto and fiat currencies, allowing users to transact seamlessly within one app.
DeFi Access: When connected to a DeFi system, the wallet offers features like staking, allowing users to earn interest and crypto rewards.
Instant Payments: Users can make swift, secure payments by simply tapping their crypto card at any POS. With the Lightning Network, crypto payments that once took time can now complete in seconds.
