Crypto Debit Card Firm Cryptopay Launches UK Bank Transfers

Crypto Debit Card Cryptopay
Crypto Debit Card Cryptopay

Crypto debit card and wallet service company Cryptopay now offers transfers with the British pound (GBP) through the Faster Payments Scheme.

Cryptopay revealed the development in a news release on Oct. 9, specifying that its United Kingdom-based users can now fund their accounts and make withdrawals with GBP, avoiding euro conversion charges. The release further explains:

“Upon activation users will get their own sort code and account number, which means that the transfers will bear the account holder’s name, not Cryptopay. This is especially important as some banks may block crypto-related transactions resulting in money getting stuck with no way to withdraw.”

Expansion to new services and territories

Currently, the company is working on its European card program, having already begun issuance of prepaid cards in Russia. By the end of 2019, Cryptopay is planning to launch a range of other services such as an ERC-20 tokens wallet and exchange, Bitcoin (BTC) brokerage, and Bitcoin bank accounts.

Last January, news broke that Visa ended its working relationship with debit card provider WaveCrest, also affecting crypto card products provided by Cryptopay, Bitwala, Wirex and others. The move first appeared to be a company crackdown on crypto services but was later revealed to be due to WaveCrest violating Visa’s policies.

Crypto Debit Card payment startups continue to enjoy recognition

Yesterday, OmiseGo, a finance-oriented scaling network for Ethereum, partnered with Hydro Labs. The cooperation between the companies aims to streamline Hydro Pay’s Ethereum-based transactions.

Samsung Pay, the mobile payments service of South Korean tech giant Samsung, announced a partnership with payments platform Finablr, Ripple’s RippleNet member, to offer cross-border payments feature Money Transfer to its app’s users. Samsung Pay’s United States-based clients reportedly can use their debit or credit cards to send money via the service.