Eurocoinpay has signed a contract to sell one of the first Spanish crypto-based debit card cards. This card is available to customers already of Eurocoinpay and will let them purchase products from more than 90 million locations across Europe as well.
Eurocoinpay aims to introduce crypto payments in Spain
Eurocoinpay is a Spanish cryptocurrency exchange that has been registered with Bank of Spain. Mastercard has joined forces with Eurocoinpay to launch its first cryptocurrency-based debit card. Since its inception, the company has always been interested in cryptocurrency as a payment method and believes this will enable customers to better utilize cryptocurrency assets.
Eurocoinpay’s CEO, Herminio Fernandez de Blas says that crypto needs an intermediate product. He stated this move “consolidates purchases with cryptocurrencies, something that is increasingly being implemented in a greater number of stores that accept these digital assets as a payment method.”
Michael Miebach from Mastercard is the CEO. This card allows Eurocoinpay members to shop at more than 90,000,000 stores around the globe, according to Miebach.
Use Cryptocurrency as a Method of Payment
Eurocoinpay views the action as an important step toward making crypto useful to its customers for different purposes. Fernandez de Blas explained:
This step is an additional one to make cryptocurrencies more common. The goal is not to encourage trading in virtual currency, but to allow users access to them so they can decide to use that digital value as a payment method.
Customers wanting to make use of this card have to meet Eurocoinpay’s requirements and also pass Mastercard’s money laundering controls. All customers who use the European Union exchange will have access to the card.
Eurocoinpay joins a long list of cryptocurrency exchanges which have been expanding their services portfolio to include products that can link fiat with crypto. It is possible because financial institutions are offering more extensive crypto services thanks to credit card giants Visa and Mastercard being more crypto-friendly.
Some businesses aren’t yet convinced by crypto payment options, even though some support them. In August, Mastercard’s CFO Sachin Mehra stated that the company viewed crypto more as an asset class due to its volatility.
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