A collaboration between Tap global and Transact Payments is set to result in the launch of the first crypto debit card in Europe.
The Tap Prepaid Mastercard will allow users to convert their cryptocurrency assets held with TAP, into fiat currency that can then be used to pay anywhere that accepts Mastercard.
According to the Tap website, the card will give “split second access to crypto trading and banking” through the Tap app and card.
It continues by explaining that clients will be able to; “seamlessly trade traditional and cryptocurrencies, while instantly converting your crypto assets for spending them on your card.”
Transact Payments are a well-known EU licensed payment services provider, as well as Principal Members of both Mastercard and Visa.
Users will be able to hold multiple wallets containing both fiat and crypto deposits and can access a number of exchanges, as well as real-time crypto trading. All assets will be held securely in multi-signatory cold storage accounts, as well as electric money client accounts.
This news is a significant boost to attempts to increase the widespread adoption and uptake of cryptocurrency. By enabling people to hold both fiat and crypto at the same time, in the same place as well as allowing them to spend their funds in countless locations, the convenience of carrying crypto has been vastly increased.
Mastercard is accepted in 210 countries and territories and has as many as 37 million outlets that accept payment via its cards. With the new Tap card in place, holders of cryptocurrency would have access to the same number of physical and online merchants, when compared to just a few thousand who accept regular crypto payments.
The stamp of approval from one of the world’s largest payments and technology companies is also significant. It suggests a growing confidence in the future of cryptocurrency as well as the number of people that have, or will invest in it.
CEO of Tap, Arsen Torosian, said in a statement that the project had been in the works for a number of years but that the partnership with Transact Payments Limited was the “final piece of our vision”.
A representative from TPL, Kriya Patel echoed his sentiments: “TPL are delighted to be supporting the TAP Prepaid Mastercard Project and look forward to continuing to work with such an initiative partner like TAP with the roll out of their in-demand solution.”
Tap have recently applied for a DLT License with the Gibraltar Financial Services Commission and the application is currently under review. Mastercard had not responded for a comment at the time of publication.