Customers using the Bakkt app can now apply for a debit card which will enable them to pay with bitcoin at merchants that don’t currently take crypto. The virtual Visa card can be added to Apple Pay or Google Pay to purchase items at thousands of retailers supporting the mobile payment systems.
Bakkt Card Can Be Linked to Apple Pay and Google Pay
This year’s all-time highs convinced many to invest in cryptocurrencies but digital assets still have a lot of ground to cover to achieve wide adoption in everyday payments. Debit cards issued by crypto companies bridge the gap between bitcoin and merchants that are yet to start accepting digital coins. Now there is a new offering in the market. Crypto marketplace Bakkt has launched a debit Visa card that “will maximize users’ ability to spend digital assets.” The card allows Bakkt customers to use their bitcoin (BTC) and fiat cash (USD) balances to buy goods and services, both online and in-store.
Bakkt Card allows users to use bitcoin for online and in-store purchases, expanding utility of cryptocurrency. #BakktCard https://t.co/OHz0cPUHgE— Bakkt (@Bakkt) June 22, 2021
The card can be used through the popular Apple Pay or Google Pay mobile wallets which opens the door to thousands of retailers around the world. Commenting on the announcement, Bakkt CEO Gavin Michael pointed out:
Our goal first and foremost is to offer more choice for consumers, and the Bakkt Card untethers bitcoin owners from their online-only past into a world with countless options to leverage the digital assets in their day-to-day lives.
Users Can Order the Visa Card via Bakkt App
Instead of selling their crypto and waiting for a bank transfer, Bakkt users can now walk into a store, tap their Bakkt Card and pay for the item they want to purchase, Gavin Michael elaborated. The executive added that selected customers will soon be able to take advantage of the same payment option using their rewards points.
The Bakkt crypto card is issued by Sutton Bank, a member of the Federal Deposit Insurance Corporation, pursuant to a license from Visa USA Inc. To obtain a virtual Visa, users will have to apply via the Bakkt wallet app. The platform says it’s “enabling this real-world spending, alongside the ability to invest in and hold bitcoin with no transaction fees.”
While Bakkt doesn’t charge a fee per transaction, it does sell BTC to its customers at a price higher than their “computed market price,” the company explained in a press release. “Our spread for bitcoin purchases will be no more than 1.5% throughout 2021,” Bakkt revealed in the announcement.