New data from BitPay shows that American consumers are flocking to load the first Mastercard branded BitPay card with top digital assets. The popular cryptocurrency payment services provider debuted the new card in June 2020 and the company’s transactions reached a new high in July. The data also shows how crypto cards usage is changing, with more users choosing to load with a selection of top digital assets.
Not All Crypto Cards Are Created Equal
BitPay, the Atlanta-based cryptocurrency services provider, has recently released blockchain payment statistics that show how the market performed in 2020. Among other interesting points, the data signals strong support from U.S. consumers for the company that announced its first Mastercard branded card just a few months ago.
According to the statistics, the total number of crypto transactions processed through BitPay across all supported coin types reached a new high in July 2020 of almost 110,000 processed transactions. The figures also show a stable month over month growth trend in processed transactions since March.
The great popularity of BitPay services for making and accepting crypto payments enables us to learn about the widespread usage of top assets in the whole market. The BitPay statistics reveal that while bitcoin remains the most used crypto, it is steadily losing ground in terms of load dominance. This happens as users are switching over to a variety of top digital assets such as BCH, ETH, XRP and the stablecoin USDC, in order to load their cards.
Crypto cards make it easy to pay for daily purchases, safe for first-timers to use crypto, and expand the adoption of digital assets. But not all cards are created equal, and the Mastercard branded BitPay card has several advantages that make it far superior to all other options available in the market today.
A Card Designed for Those Who Live Life on Crypto
The Mastercard branded BitPay card offers instant conversion which means that users don’t need to worry about volatility of the crypto assets they load up with – any amount they load is immediately converted to dollars and there are no multiple conversions for each transaction they make. This is in sharp contrast to other crypto cards that only operate on a spend as you go model, converting the stored crypto to dollars each time a payment is made and leaving its value to fluctuate in the meantime.
Another major advantage of BitPay is that the card has very high limits compared to other crypto cards. Users can load up to $10,000 per day, spend up to $10,000 per day and withdraw up to $6,000 a day in total at ATMs. The Mastercard branded BitPay card also has no conversion or load fees, so users are only left with network and miner fees that can be very low if they choose an option such as BCH or XRP.
The new BitPay card allows users to spend money anywhere Mastercard is accepted, both online and in stores. And it comes with a virtual card that can be used immediately after enrollment. The card is supported by a new app that can be used to lock cards, monitor transactions and load. For users that require human assistance, English speaking agents are available with a simple phone call or email.
Security is also a key feature of the Mastercard branded BitPay card, as it includes EMV chip and supports safe contactless payments – a must for keeping healthy these days. Additionally, Apple Pay and Samsung Pay will soon be available to keep in store cardholders safe. All of these features are offered without the need to stake coins or redeem rewards in coins you don’t want or prefer as other cards require.
In addition to all these advantages, the Mastercard branded BitPay card should also be especially popular among the bitcoin cash community as statistics show BCH is the top alternative to BTC among the company’s users. Year to date, BitPay has processed over 25,000 BCH transactions.
In total BCH represents about 4% of BitPay transactions, ranking as the number two preferred payment method. It is closely followed by ETH at number three and XRP is at forth place. The company also reports that bitcoin cash is most used to buy gift cards and load the BitPay Card or the cards of its many partners. Online gaming is the second most popular use of BCH, followed by purchasing gold.
To learn more about the first Mastercard branded BitPay card and how it can fit your crypto payment needs go to BitPay.com/Card.
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Image Credits: Shutterstock, Pixabay, Wiki Commons, BitPay
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