Bitbank Co.Ltd, which operates the cryptocurrency exchange „bitbanl”, has partnered with EPOS Card Co. Ltd, a fintech business company, to begin issuing the „EPOS CRYPTO Card for bitbank”, Japan first credit card that allows withdrawals from cryptocurrency exchange assets. „This is the first service in Japan that allows users to use their cryptocurrency exchange balance to pay for credit card purchases.” – according to the press release.
Seetan Kitney, president and CEO of Visa Worldwide Japan Co. Ltd, commented on this initiative saying: „We are pleased that this marks another important step in connecting cryptocurrencies with the everyday payment experience. We hope tha new options such as payments and rewards using cryptocurrencies will become more accesible to more people.”
How the Epos Crypto Card Works
The mechanism behind the card is designed to be possible for the user. When a customer uses the card at a store, the system checks their bitbank account for assets. Instead of requiring the user to convert their crypto, the card will handle the process. The transaction is settled in Japanese Yen by immediately converting the amount of crypto or drawing from a JPY balance held on the exchange. This removes the belief that stops people from using money in the real world. It transforms the bitbank exchange from a trading platform into a modern bank account that is accepted at any register.
Cryptocurrency payments are now accepted in Japan
Customers can choose to have their monthy card deducted from either a „financial institution” or a „cryptocurrency exchange (bitbank)”. If they choose bitbank, the only cryptocurrency that can be deducted is bitcoin. „This is the first initiative in Japan to allow deductions in cryptocurrency from a cryptocurrency exchange account” – the company said.
The EPOS CRYPTO Card for bitbank is available only to those who have already opened an account with bitbank (completion of identity verification is required).
Japan first -cryptocurrency rewards from multiple brands
This is the first service in Japan that allows users to select the cruptocurrency they receive based on their credit card spending.
„We will award you cryptocurrency as a reward for your monthly card usage (0,5% reward rate) and as a new card membership bonus (worth 2,000 yen). You can choose from three types of cryptocurrency each month: bitcoin, Ethereum, and Aster. This is the first initiative in Japan to allow you to choose from multiple cryptocurrency types for your rewards.” – the company said.
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