U.K.-based digital payments platform Uphold is branching out its payment methods with the introduction of a crypto debit card.
According to a Friday (Nov. 11) press release, the new debit card will give U.K. cardholders up to 4% rewards, and will not charge transaction fees, making it even more attractive to crypto traders clamoring for a way to make purchases with digital assets.
Simon McLoughlin, CEO of Uphold, said: “We want our customers to be able to easily spend the crypto in their accounts for purchases anywhere in the world and earn XRP rewards with every purchase, making Uphold a central point of their financial lives.”
Uphold plans to roll out a U.S. version of the card over the next week, with a goal of full availability by the end of November.
A recent PYMNTS research report, “Paying with Cryptocurrency: What Consumers and Merchants Expect from Digital Currencies,” found 77% of crypto-friendly merchants cite lower transaction processing fees relative to other payment methods as an appeal to customers using crypto for payments.
The same report also noted that 32% of businesses that now take crypto payments did so because they believe it can help them reach new customers.
And at least in the U.K., Uphold has taken a big step in attracting those new customers with its new crypto payments card.
Read more: ECB Chair: Regulating Crypto Asset Platforms an ‘Interesting Challenge’
Crypto regulation is also on the rise in Europe. European Central Bank (ECB) supervisory board chair Andrea Enria warned Sunday (Nov. 13) that regulating crypto asset providers will not be easy to introduce on a large scale. “I am concerned for my colleagues that will have to perform this supervision in the future because these are animals with whom it is difficult to engage,” Enria said.
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