You can now pay for goods across over 90M stores globally using XRP.
Bit2Me, a cryptocurrency exchange located in Spain, has launched a new Mastercard debit card to enable users to purchase goods using XRP.
According to a recent announcement, the Bit2Me card, which works on the Mastercard network, enables people to make payments using XRP across more than 90 million stores worldwide. Aside from a physical card, the Bit2Me card is also available virtually, thus allowing users to pay for goods via their smartphones and smartwatches, the announcement added.
Per the announcement, users will be rewarded with a 9% cashback whenever they pay for goods using the card online or in-store. Bit2Me noted that the 9% will be distributed in a “magnitude of different cryptocurrencies.”
Features of the Debit Card
It is noteworthy that the card supports seven other cryptocurrencies aside from XRP. The supported cryptocurrencies include bitcoin (BTC), cardano (ADA), polkadot (DOT), solana (SOL), tether (USDT), ethereum (ETH), and the exchange’s native token, dubbed B2M.
The debit card also allows users to make cash withdrawals at any ATM where Mastercard is supported. Notably, the card comes with a functional app where users can conveniently switch to any of the supported cryptocurrencies of their choice in order to make payments and cash withdrawals.
Commenting on the development, Leif Ferreira, the CEO and co-founder of Bit2Me, said the debit card is a product of two years of intensive development. According to Ferreira, Bit2Me finally found a way to integrate cryptocurrencies into the Mastercard network after two years of intensive research and development.
“To do this, we had to modify the transaction flow (which is part of the international card payment protocol) so that customers can use cryptocurrencies to pay instantly and transparently for businesses. Moreover, we have managed to add up to 9% cash back on purchases,” Ferreira remarked.
Furthermore, Bit2Me said the card is equipped with high-security protocols and other features, including allowing users to lock and unlock the card and set up its usage limit.
Bit2Me is planning to roll out other significant features in the coming months. It also described the debit card as the best because it involves a mixture of crypto and a payment behemoth from the traditional financial space – Mastercard.
“Our mission is to bring the use of cryptocurrencies closer to everyone. Bit2Me Card allows you to use your cryptocurrencies easily and quickly in your day-to-day life,” said Andrei Manuel, Bit2Me COO and co-founder.
Bit2Me is a Spanish-based cryptocurrency exchange that allows users to buy, sell, and trade cryptocurrencies, such as Bitcoin, Ethereum, XRP, etc. The exchange claims to be the first company recognized by the Bank of Spain as a virtual asset provider.
It is noteworthy that Bit2Me is not the only crypto-related company that has offered cashback rewards to users of its crypto-linked debit card.
Last year, cryptocurrency trading platform Uphold announced a 4% cashback reward for users of its debit cards. The firm noted that the cashback would be paid in XRP.