Visa Will Approve First BTC Spending Card In Australia: Report

Visa will approve first BTC spending card in Australia and people in the country will be able to pay in BTC and other assets with their new card as we are reading more in our latest crypto news today.

The global payments giant Visa will approve first BTC spending card in Australia that will allow the people living there to spend their BTC at local stores and venues. The innovation will enable customers to make direct purchases with crypto rather than converting digital assets to fiat money. According to the Australian Financial Review report, Australians will be able to spend crypto via a new debit card created by CryptoSpend. The American multinational financial services corporation approved the efforts after it checked if it complies with AML regulations. It’s also worth noting that this will be the first time when Australians will use digital assets on the payments card that will execute daily purchases in shops, bars, and other venues while Visa is expected to approve the move later this week.

According to the report, the card will be available on the market from September and will be issued by the global software technology provider Novatti Group while the custodian BitGo will be in charge of safeguarding the assets so users can use it to pay in BTC. Apart from Bitcoin, customers will have other options like Ethereum, Bitcoin Cash, and Ripple. Richard Voice who is the co-founder and COO of cryptoSpend, noted that the innovative card will be beneficial for the customer as they will show increasing interest in crypto:

“We have customers that range from 18-year-old students to 70-year-old grandmothers. [This] further emphasizes the growing appetite for people of all ages to use crypto as an everyday currency.”

A few weeks ago, the payment technology company reported that about $1 billion was spent on crypto-linked Visa cards with officials of the company commenting:

“For the tens of millions of people using those platforms, one of the simplest ways to spend crypto is through a Visa card. We’re seeing digital wallets and crypto platforms build payment products entirely with digital currency.”

Furthermore, back in April, During Visa’s Q2 2021 earnings call, it showed interest in integrating a crypto payment system into the current infrastructure. Visa’s CEO Alfred Kelly stated that the company saw Bitcoin and other assets as Digital gold.