Ukrainian bank Unex Bank, Mastercard and fintech startup Weld Money have launched the first cryptocurrency payment card weld in Ukraine. This card allows you to pay for goods and services in cryptocurrency wherever cashless payments are available.
What is a weld card?
Weld card is a digital payment card based on Debit Mastercard, which is linked to a cryptocurrency wallet on the Weld Money platform. The card can be added to “Apple Pay”, “Google Pay” and pay in cryptocurrency for goods and services without the need for the user to convert it into regular (fiat) currency.
Cryptocurrency conversion takes place automatically: when calculating with a weld card, the equivalent amount is debited from the cryptocurrency balance of the Weld Money wallet.
Currently, weld card allows you to pay with stablecoin USDT, and bitcoin and altcoin cryptocurrencies will be added soon.
How is payment made?
The weld card user applies a smartphone or smart watch (with support for “Apple Pay”, “Google Pay”) with a digital card to the POS terminal or enters card data during online payment on the storeʼs website.
The bank carries out a settlement operation in UAH, and the equivalent of the UAH amount used by the client is debited from the userʼs cryptocurrency balance on the Weld Money platform.
Thus, for the user, the process of paying with a weld cryptocurrency card does not differ from a regular cashless payment, and no additional actions are required for the payment of cryptocurrency.
What operations are available with the weld card?
Weld card users can pay for goods and services in physical stores and online, as well as withdraw cash from ATMs that support contactless payment technology. At the same time, when paying for goods and services with a weld card, no additional fees are charged to the user.
Citizens of Ukraine over the age of 21 can get a weld card. Issuance of a digital card is free of charge. If necessary, the client can also order the issuance of a physical plastic card at a Unex Bank branch.