In May 2017, WaveCrest Holdings Ltd. announced the launching of the BitPay Visa Card, a product which allow users „to convert Bitcoin into a spendable dollar, euro or pound balance on a Visa Prepaid Debit Card in just minutes”. Few months later, Visa Inc. impose the closing of the program in Europe.
In a very recent letter sent to the BitPay Visa Card users from Europe, WaveCrest says: „Yesterday our European BitPay Card issuer Wave Crest Holdings, Ltd. received direction from Visa® to immediately close all accounts of its prepaid Visa® debit card programs.”
The BitPay Card (non-US) is one of these programs, along with other cryptocurrency-related and standard prepaid Visa® debit cards. „Unfortunately, Wave Crest was unable to provide us or cardholders with more time to prepare for this change.”
As a result, „your BitPay Card account is now deactivated, and you will not be able to use it for further payments or withdrawals”.
Company says that the European users of BitPay Visa Card „will get a refund for your ending card balance and for any outstanding card loads. We will be working with Wave Crest to make sure that all card balances return to our cardholders quickly.”
What is next for the BitPay Card?
„We are already in discussions with potential alternative issuers for the BitPay Card which will allow us to serve customers in Europe and beyond. The BitPay Card will continue to be available for users in the United States without interruption, and we expect to be back in your country soon.”
„We’re disappointed that we can’t serve you anymore (for now, at least). As part of our commitment to BitPay Card users, we will send you an email when the BitPay Card becomes available in your country again. If you still want a BitPay Card, we will give you a card free of charge.”
For Non-US Residents: The BitPay Visa® Prepaid Card is issued by Wave Crest Holdings Ltd pursuant to a license from Visa® Europe.
WaveCrest Holdings Ltd. is a registered company in Gibraltar, company registration number 101302. Authorised and regulated as an e-money issuer by the Gibraltar Financial Services Commission under licence number FSC0056BNK. WaveCrest Holdings Limited is licensed as a principal member with both Mastercard® and Visa®.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
