Bitget Wallet has ventured into the crypto payment space with the launch of its zero-fee crypto wallet card in the UK and EU. Powered by Mastercard and crypto payments provider, Immersve, all transactions are settled on-chain and comply with KYC and AML requirements. According to the Bitget team, the virtual card links directly to users’ self-custodial wallets in the app.
The launch marks a significant breakthrough for Bitget exchange, as it joins others like Crypto.com and Bybit in launching crypto payment cards. According to the team, the card will soon expand to Latin America, Australia, and New Zealand.
What the Milestone Launch Means for Users
Launching the zero-fee payment product with Mastercard and Immersve means that holders can spend cryptocurrencies at over 150 million merchants that accept Mastercard. All purchases will be settled on-chain via the Base chain in real-time, ensuring efficient crypto-to-fiat swaps. Bitget also emphasizes that the payment card meets Mastercard’s KYC and AML standards.
In addition, users maintain full control of their wallets and holdings, ensuring only the right amount of crypto is converted at the point of sale. Bitget also promises cashback, sign-up bonuses, and earnings on idle balances, ensuring users are engaged to spend.
According to Jamie Elkaleh, CMO at Bitget, crypto payments should be seamless and secure. “We are seeing massive demand for real-world crypto utilities. Mastercard and Immersve as partners provide the infrastructure for it to happen.” Mastercard’s executive vice president of Global Partnerships, Scott Abrahams, reiterated the company’s commitment to working with Bitget and other innovative companies to make crypto transactions simple, secure, and accessible.
Bitget’s Crypto Wallet Card Will Transform Crypto Spending in the New PayFi Era
Early iterations of debit cards, such as those from Crypto.com and Coinbase, required users to deposit funds into custodial accounts. Not only was this clunky, but cross-border fees were charged. Bitget’s crypto card eliminates this process by allowing its users to fund their card using on-chain USDC swaps.
Bitget users will spend zero fees on transactions and have self-custody of their wallets, fundamental to Web3 adoption. The exchange is pushing for the “pay-from-your-wallet” model, which puts it as a leader in the new PayFi era. This model will also empower users to pay more with crypto across different merchants.
The adoption of USDC for top-ups is an excellent initiative that will promote stability and steady inflow of stablecoins. This will reduce the FX friction encountered while making cross-border payments.
What’s Next for Bitget’s Crypto Payment Card?
Bitget’s COO, Alvin Kan, highlighted the astronomical growth of the exchange’s wallet in Africa, the Middle East, and Latin America, surging by over 1000% in users in 2024. With the team rolling out its crypto payment product in the UK and EU, expectations are high that Bitget will launch the card in other regions soon.
Bitget’s wallet card has been in the making for some time. Earlier this year, the wallet disclosed its PayFi strategy. The aim is to help integrate crypto payments into personal finance by making it a viable financial tool for everyday use.
Later in April, Bitget Wallet announced a collaboration with Paydify to allow stablecoin payments. This will allow Bitget users to make payments in USDT and USDT to merchants. Speaking of collaboration, the exchange recently partnered with MotoGP to become its official regional sponsor, marking a crypto company’s first entry in the racing event.
Should Users Expect More Rollouts of Crypto Wallet Cards?
Bitget’s crypto wallet is a leap forward in terms of innovation and convenience for crypto payments. It meets users’ expectations with its self-custody feature, fast settlement, stablecoin integration, and built-in incentives. However, we expect even more innovative crypto cards to be launched in the future.
Experts expect future crypto wallet cards to support multi-chain networks, such as Solana and Binance Smart Chain. Other crypto exchanges, like OKX, will be inspired by Bitget to launch their innovative crypto payment card too.
