Cryptocurrency Cards: An Unnecessary Solution That Should Be Stopped

According to Nilson Report, there are currently more than 22 billion payment cards in circulation around the world - debit, credit and prepaid.

All cards are serviced by payment systems that create a closed consumption ecosystem.

If we are talking about cryptocurrency transactions, then the commission of payment systems will be higher, since the traditional financial industry regards these transactions as high-risk.

Bank cards are almost indispensable for transactions worth up to $5,000.

Where does Wirecard come from?Today, when the volume of non-cash payments in many countries has surpassed cash payments, any company wanting to issue bank cards under its own brand, in theory, has three options.

Unlike banks, processors are responsible for issuing payment cards.

Issue crypto cards on their own Bank Identification Number, while according to the rules of payment systems, a separate BIN must be allocated for each individual product.

Issue co-branded cryptocurrency cards, which are bank cards "With an individual design" and are then sold through a crypto service.

Until recently, people were forced to buy a fourth or even fifth payment card, only for the sake of the "Crypto" prefix in order to save their money from being blocked during operations with cryptocurrency.

A cryptocurrency card is a ridiculous, temporary and forced necessity because banks and payment systems do not want to manage risks on their own.