US payment goliaths Visa and Mastercard are pausing the launch of certain [crypto-based services and products](/news/article/visa-crypto-wallet-plans-outlined) in the wake of numerous high-profile collapses in the crypto industry, such as [FTX](/news/article/ftx-funds-political-donations-to-be-recovered) and BlockFi.

The bankruptcies/shortcomings of several major players in the industry, current market conditions, and [increased regulatory scrutiny](/news/article/imf-crypto-regulation-g20-summit) have led Visa and Mastercard to change their plans with immediate effect.

## Why have Visa, Mastercard pushed back the launch of crypto services and products?

Over the past few years, card giants such as Visa and [Mastercard explored partnerships](/news/article/mastercard-start-path) with leading crypto firms. They set up dedicated teams to survey and potentially integrate blockchain technology into their products and services.

In April 2022, Mastercard and Nexo teamed up to launch the world’s first [crypto-backed payment card](/news/article/nexo-card-or-binance-card).

In October 2022, [Visa announced](/news/article/visa-crypto-consulting) global debit card agreements with disgraced cryptocurrency exchange FTX as part of an expanded partnership. Following the downfall of the crypto trading platform a few weeks later, Visa terminated the partnership in November.

In 2021, American Express said it would consider using cryptocurrency to redeem reward points.

An unnamed American Express spokesperson said that while the organisation continues to explore the significant use cases of blockchain technology, crypto will not replace their "core payment and lending services", "in the near term".

While Visa and Mastercard have put a halt to [crypto service and product](/news/article/visa-bitcoin-debit-card-review) rollout at the time of writing, they are optimistic about the future of blockchain technology. Their cryptocurrency-centric strategy and focus remain unchanged.

In a conversation with [Reuters](https://www.reuters.com/), a Visa spokesperson said the high-profile failures seen recently in the sector act as "an important reminder" that there is a long way to go before cryptocurrency is "part of mainstream payments and financial services".

Talking to Reuters, a Mastercard spokesperson commented on how the company intends to continue to apply blockchain technology to “build more efficient systems” that “help address current pain points”.
It should be noted that the delayed launch of cryptocurrency services and products by massive payment corporations like Visa, Mastercard, and American Express and the halt on the forging of new partnerships is not a poor reflection of blockchain technology. Instead, it is a sign of the times.

With [global crypto regulatory frameworks](/news/article/australia-crypto-regulation) being built as we speak, it makes the utmost sense to explore blockchain technology further and play the waiting game while the market settles and consumer/investor confidence rebuilds itself.


visa and mastercard cards with red filter

Visa, Mastercard Pause Crypto Services Launch 

Visa Bitcoin debit cards allow users to withdraw cash from ATMs or make purchases using Bitcoin, even if the merchants or ATMs do not accept cryptocurrency directly.

The cardholder preloads their debit card with a certain amount of crypto coins, which are then converted to the local currency at the time of the transaction, eliminating the need for exchanging cryptocurrencies.

## Top 5 Visa Bitcoin Debit Cards

1. Coinbase
Coinbase is a highly recommended option for a [Bitcoin debit card](https://www.investopedia.com/best-bitcoin-debit-cards-5114761#:~:text=supports%2015+%20currencies-,Overview,as%20the%20best%20for%20cashback.). It can be used at any location that accepts Visa, supports multiple cryptocurrencies, and has solid security measures.

It allows users to make purchases and withdraw cash from ATMs worldwide using cryptocurrency stored in their Coinbase wallet without the need to maintain a balance in fiat currency. It has added security and convenience features, including a mobile wallet app, two-factor authentication, instant card freeze, and spending tracking.

2. Blockcard
Blockcard offers competitive pricing, with a $10 activation fee and a $5 monthly administrative fee (waived if non-cash transactions exceed $750 per month). It also has no deposit, exchange, or withdrawal fees and a low cost of $3 for domestic ATM cash withdrawals ($3.50 for international withdrawals).

To use Blockcard, users must acquire Ternio's native token, TERN, using USD or other [cryptocurrencies](/news/article/the-future-of-crypto-in-the-next-5-years), which are then converted to fiat currency at the time of purchase. It supports more than 14 cryptocurrencies and offers up to 6.38% back in cryptocurrency.

3. Wirex
Wirex offers numerous benefits for its cardholders, including cashback of up to 8%, complimentary withdrawals from ATMs, and the potential to earn interest on fiat and cryptocurrencies. 

Wirex Visa card offers no fees for standard delivery, maintenance, or reissue and free ATM withdrawals up to $400/month. They also have a new [X-Accounts](https://community.wirexapp.com/t/faqs-x-accounts/23302) feature that allows users to earn up to 16% interest on fiat and up to 10% on BTC and ETH.

4. BlockFi
If you're searching for a Bitcoin credit card with a high cash back rate, BlockFi may be a good option with 1.5% cash back, increasing to 2% after reaching $30,000 in annual spending.

[BlockFi](/news/article/blockfi-withdrawals-could-resume) launched the first Visa Bitcoin credit card in July 2021. It offers 1.5% cash back per purchase in Bitcoin with bonus Bitcoin rewards, making it an attractive option for cash back. Unlike other cards, it does not draw on the cardholder's Bitcoin holdings.

In addition to its cashback program, BlockFi provides incentives such as 0.25% back in Bitcoin for eligible trades (capped at $500 per month) and a $10 Bitcoin reward for each successfully referred client.

5. Crypto.com
If you want a card that can handle a variety of cryptocurrencies, then a Crypto.com card is a great choice. It supports more than 80 cryptocurrencies and over 20 fiat currencies. Crypto.com's Ruby Steel card, their most popular and budget-friendly option, offers 1% cash back on every purchase, a yearly Spotify subscription refund, and no ATM withdrawal fees for up to $400 per month.

Customers who are hesitant to spend $400 on a Visa card can opt for Crypto.com's Midnight Blue card, which offers no ATM fees for withdrawals up to $200 per month.


Visa Bitcoin Debit Card Review 

Despite the downturn of the cryptocurrency market, there are still remarkable innovations. A recent one has come to light in a [blog post](https://usa.visa.com/solutions/crypto/auto-payments-for-self-custodial-wallets.html) written by Visa crypto thought leaders. In the blog post, they outlined a proposal for a Visa crypto wallet powered by the Ethereum blockchain for Web3 auto payments.

Users could automatically pay for transactions without signing off on each one individually.

This proposed solution was based on a February internal hackathon among Visa employees aimed at solving the problem of how an Ether owner can pay bills with cryptocurrency in the future without an internet connection. 

The proposal for the Visa crypto wallet comes at a much-needed time due to the loss of investor's confidence in cryptocurrency caused by situations including the downfall of [Luna](/news/article/terra-luna-collapse) and, more recently, [FTX](/news/article/ftx-bankrupt-who-to-blame), the second biggest exchange leading to losses worth billions of dollars in customer funds. The crypto wallet proposed by Visa would use the "Account Abstraction" process proposed by Vitalik Buterin, the founder of Ethereum, in 2015.

## How does account abstraction fit into Visa's vision?

[Account abstraction](https://eips.ethereum.org/EIPS/eip-2938) refers to converting a smart contract into a wallet, also known as "delegable wallets". It was formalized in 2017 as an Ethereum improvement proposal (EIP-86). To realize the concept of an AA-based self-custody wallet or delegable account, the Visa team proposes that user accounts function like smart contracts. This would allow people to schedule transactions automatically and without the involvement of a central entity.

"This application could allow a user to set up a programmable payment instruction that can push funds automatically from one self-custodial wallet account to another at recurring intervals, without requiring the user's active participation each time," the blog post said.

The team has begun work on the Visa crypto wallet, claiming it has successfully created delegable accounts on a private chain using Starknet. This Layer 2 scaling solution supports the account abstraction concept.



Visa Crypto Wallet Plans Outlined

The US fintech company [ZELF](https://zelf.co/) has launched a new Visa debit card that gives users a [crypto payment option](/news/article/best-crypto-card-uk) with anonymity.

The newly unveiled card can be used at more than 80 million Visa locations around the globe.

It also allows users to open a USD checking account easily. It only requires your name, phone number, and email address. As a result of this, users don't have the hassle of providing a long list of documents. You can create accounts without providing proof of address or social security number (SSN).

![zelf.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/zelf_9aa5caf3db.png)
 
ZELF’s virtual debit card is compatible with both [Google Pay](https://pay.google.com/) and [Apple Pay](https://www.apple.com/apple-pay/). The company claims that users can open an account within 30 seconds. They can also recharge the cards with both fiat and crypto. In cryptocurrencies, the currently available options include [Ether](/coins/eth), [USD Coin](/coins/usdc), and [Tether](/coins/usdt). However, users will likely have more than 20 other tokens in the coming years.

## ZELF and Visa collaboration

[Visa](https://usa.visa.com/) is one of the leading digital payment networks. Recently, it has been active in the fintech field and partnered with several firms. It has worked with many famous names in the industry, such as Chime, Airwallex, Finaxar, and others, to introduce innovative financial products.

Now, it has collaborated with ZELF - Bank of the Metaverse for this anonymous debit card. With the launch of this product, both companies are looking to provide a private and secure channel for [crypto payments](/news/article/blockonomics-explained). 

They have also reduced the verification requirements to promote digital asset adoption. The product is likely to attract new audiences and make crypto transactions more accessible for them.

The Chief Executive and Founder of ZELF, Elliot Goykhman, also believes that they can reach a "global unbanked population" because of lesser verification requirements. It will give them access to innovative and advanced financial services.


visa debit card and zelf fintech logo in blue and black

ZELF Launches Crypto-enabled Debit Cards

When you first start investing in crypto, where do you even begin? Crypto cards are the answer to this question. These cards offer a convenient way to invest in top cryptos and get into the space at a low cost.

There are many crypto card services available in the market today, but not all of them are worth your time and money. Before you dive in and purchase any card, make sure that it meets certain criteria that make it stand out from the rest. In this article, we will explore some of the best places to buy cryptocurrency prepaid debit cards in the UK.

### 1. What are crypto cards and how do they work?

Crypto cards are a way to invest in top crypto currencies without spending much money. You can load the card with any amount of cryptocurrency and use it at digital stores around the world. These cards also offer tax-free investment opportunities as well.

This allows you to make purchases with your crypto that have tax-free benefits when you use them on your card. No matter where you go, you can use your crypto for a variety of purposes, from buying goods and services to paying for flights and hotels in other countries.

### 2. The top three crypto cards in the UK

#### 2.1 Crypto IRA

This is a great option for those looking to invest in crypto without having to worry about the volatility of the market. With a Crypto IRA, you can get all of the benefits of investing in cryptos without having to pay any taxes on your profits.
The best part is that you can use your card at any ATM or digital store that accepts Visa. You can also use it to make purchases online and in-app.
This is one of the best ways to get started with cryptos without having to put any money down. All you need is a valid ID and you can start using your card right away.

#### 2.2 Bittylicious

This is another great option for those looking to invest in crypto without having to put any money down. Bittylicious allows you to buy Bitcoin and Ethereum with a credit or debit card. You can also use it to make purchases online and in-app.
The best part about Bittylicious is that there are no fees for buying or selling cryptos. You can also get started with as little as £20.

This is a great option for those who want to get started with cryptos without having to put any money down. All you need is a valid ID and you can start using your card right away.

Bittylicious also has a great referral program where you can earn £20 for every friend that you refer.
If you’re looking to get started with cryptos without having to put any money down, then Bittylicious is the way to go.

#### 2.3 [Cryptopay](https://cryptopay.me/)

This is a great option for those looking to use their crypto for everyday purchases. Cryptopay allows you to use your Bitcoin, Ethereum, Litecoin, and XRP to make purchases at over 33 million merchants worldwide.
You can also use your card to withdraw cash at ATMs or send money to friends and family. The best part is that there are no fees for using your card.

If you’re looking for a great way to use your crypto for everyday purchases, then Cryptopay is the way to go.

### 3. How to choose the right crypto card for you

Not all crypto cards are created equal. If you don't know what you're looking for, it can be difficult to find an option that fits your needs. Before you buy, make sure that the card offers services with which you are comfortable.

For example, some cards offer a completely anonymous experience. Others don’t offer any fee discounts or protections but do provide a customer service line or the customer support team who can help if needed.

If you’re not convinced by this point about where to buy your card and want more information on how each card works and the fees that come with it, then we recommend checking out our comparison of the best crypto cards in the UK.

### 4. The benefits of using a crypto card

The biggest benefit of using a crypto card is that it provides you with an easy and secure way to invest in cryptos. Some cards also offer the option of investing in traditional fiat currencies like Pound Sterling or US Dollars and converting to cryptocurrency at the time of sale.

This means that you can invest in cryptos even if your bank doesn’t support them. This flexibility is one of the main reasons why people choose to use a crypto card to be their primary method of investing in crypto. What other investment strategy lets you buy stocks, bonds, futures, and cryptocurrencies all from one place?

### 5. Things to consider before choosing a crypto card

The most important things to consider before you make a decision about any crypto card is the initial purchase amount, signing up for recurring payments, crypto card conversion rates, and fees, transferring funds to a bank account and the delivery guarantees information that can be found on the official website of each crypto card, so it is important to do your due diligence and make sure that the crypto card you choose meets your requirements.

### 6. How to use your crypto card

First, you’ll need to open an account with the company that issued your card. Then, you’ll need to go through a verification process to ensure identity and safety. Once this is done, it will be easy to start buying crypto with your card.

Cryptocurrency cards are easy to use and can be managed on their website. Once you have purchased your card, you will be able to deposit funds into it using a wire transfer or debit card. You will then be able to buy any type of cryptocurrency available and trade it in for whatever fiat or crypto currency you desire.

Crypto cards are like cryptocurrency ATMs where they are attached directly to the blockchain so that you never have to worry about losing your money or having anything stolen from your wallet.

For more crypto guides go to [Latest Moni](/news).


The Best Crypto Cards in the UK

Visa has [announced](https://www.visa.co.uk/about-visa/newsroom/press-releases.3149494.html) that they will be introducing a crypto advisory service to help partners 'navigate a new era of money movement'.

The consulting services will help clients advance their crypto journey as Claudio Di Nella, Head, Visa Consulting & Analytics, Europe said; "We seen a material shift in our clients’ mindset in the last year, from a desire to explore and experiment with crypto, to actually building a strategy and product roadmap.” The new consulting service will provide a framework to oversee the development of a better payment system using blockchain technology.

## Crypto Becoming More Popular

According to Visa, awareness of crypto among financial decision makers in the UK is increasing and is currently at 92%, suggesting that digital assets and cryptocurrencies are becoming more popular for financial institutions. Globally, awareness and adoption of crypto among consumers is also rising, with Visa discovering that one quarter of crypto-aware UK respondents have engaged with crypto directly.

Visa's major rivals Mastercard and American Express have been involved in the blockchain space for some time now. This business move by Visa is expected to bring immense competition to other competitors going ahead, who don't offer such services yet.

Visa has partnered with Chain to establish the Visa B2B Connect platform for cross-border payments. As per the official blog post of Visa, "Using Chain Core, Visa will be able to provide financial institutions with a new way to process business-to-business payments globally, while enabling payment flexibility and reducing costs."

More [Business news](/news/category/crypto-business-news).

Visa Announces Crypto Consulting Services

Visa has recently launched an NFT- centric programme with creator of the NFT character, Aku, Micah Johnson, who is a well known artist amongst the crypto community.

The aim of the programme is to create a range of Visa collectibles using blockchain technology and support the creator economy.

## Visa Crypto Collectible

The first piece of work is an exclusive Visa Crypto Collectible card which demonstrates how cryptocurrency works on the Visa network. The card uses NFT technology to bring this all together so it’s only available as a digital asset.

The Vice President and Head of Crypto at Visa, Cuy Sheffield, tweeted "We believe that we are at the beginning of digital renaissance in the world of art and content creation- a flourishing ecosystem of artists, musicians, writers, photographers and curators building communities at the intersection of culture and commerce".

For more [NFT news](/news/category/nft-news).

Latest Moni

Visa Crypto News

Read the latest VISA news