Key Takeaways:
- Bitbank and EPOS Card launched Japan’s 1st Visa credit card, allowing monthly installment payments using BTC.
- Bridging crypto and credit, the Visa card pays a 2,000 yen bonus and 0.5% rewards in bitcoin, ether, and astar.
- Looking forward, Bitbank and EPOS will expand the Visa card to support more crypto assets.
Bitbank and Epos Launch First Crypto Payment-Enabled Credit Card in Japan
The intersection of traditional credit instruments, such as credit cards, and cryptocurrency is coming to Japan.
Bitbank, a Japan-based exchange, and EPOS Card, a company providing inclusive financial services, have partnered to issue Japan’s first crypto payments-enabled credit card. While the monthly installments on regular credit cards can only be cancelled through a banking partner, the EPOS CRYPTO Card for Bitbank allows cardholders to use cryptocurrencies held in Bitbank for the same purpose.
Bitbank will handle the exchange rates at the time of payment for the credit card installment, and only BTC will be accepted for these deductions.
In addition, the credit card will award 0.5% in rewards and a new card membership bonus of 2,000 yen ($12.5). These benefits will be deposited monthly in three cryptocurrencies: bitcoin, ether, and astar. The consortium claims that this is also a pioneering Japan-first feature.
The card, accepted at any Visa merchant, opens new possibilities for bitcoin natives to keep their funds invested in crypto and exchange them when the payment is due, bridging the credit and crypto finance.
Seetan Kitney, President and CEO of Visa Worldwide Japan, celebrated this initiative, stating that the company was “pleased that this marks another important step in connecting cryptocurrencies with the everyday payment experience.”
“We hope that new options such as payments and rewards using cryptocurrencies will become more accessible to more people. Visa will continue to work with issuers and other members of the ecosystem to promote innovation and expand access to financial services by providing a payment infrastructure that prioritizes reliability and security,” he added.
In the future, both companies will focus on expanding their roster of crypto services and enlarging the number of cryptocurrencies supported, according to a joint press release.
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