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- Bitbank launches crypto card enabling direct Bitcoin bill payments seamlessly
- Japan sees growing push toward everyday crypto payment integration solutions
- Users earn crypto rewards while spending through linked exchange balances
Crypto payments are making their way into Japan’s payments landscape as Bitbank has launched a credit card that enables payment of bills in Bitcoin. This development directly links exchange balances to payment services, obviating the need for conversion. Additionally, the firm teamed up with EPOS Card to launch a Visa credit card backed by cryptocurrency. As a result, the card can be linked to Bitbank accounts and payment can be set to be automatically settled in Bitcoin. This arrangement eliminates the need for an additional step in the payment process.
Furthermore, the card allows for payment of monthly bills from exchange accounts. This makes it easier for users of digital assets. It eliminates the need to convert to fiat to make transactions. Apart from payments, the solution features cash back based on transactions. Customers receive 0.5% rewards to their exchange accounts. Also, they can receive cashback in Bitcoin, Ether or Aster.
Also Read: Western Union Targets May Launch for USDPT Stablecoin on Solana Network
Japan’s Crypto Payments on the Way to Mainstream
But the settlement option is currently limited to Bitcoin, which could be restrictive for some. That said, Bitbank has said it will add other cryptocurrencies in the future. Furthermore, in Japan, the crypto market is becoming increasingly competitive. Binance has also launched a payment card that offers its own cryptocurrency. In turn, exchanges are therefore now turning to payments to attract users.
Importantly, linking cryptocurrency to credit cards bridges the world of crypto with the traditional financial system. This allows users to use crypto in a way that doesn’t change their behaviour. Businesses are emphasising use cases that enhance the value of digital assets. Interoperability with payment systems offers the opportunity to use cryptocurrency for day-to-day payments. This, in turn, may encourage use as the cost of using it is reduced.
Growth of Day-to-Day Use Cases
Bitbank’s credit card is an example of how Bitcoin can be used for payments. The card can be used to make payments from the exchange account, which facilitates the use of cryptocurrency payments in everyday life. The trend is likely to continue with other companies, so payment cards could become common in the future.
Also Read: KBank and Ripple Test Blockchain Remittances to Boost Global Transfers
