UK-based cryptocurrency wallet & payment platform Zumo has launched a virtual card offering.
The Zumo Virtual Card will enable users spend cryptocurrencies to make purchases with any online retailer that accepts Visa.
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The solution is designed to convert Bitcoin and Ether cryptocurrencies to traditional fiat GBP (£) to enable online transactions.
Zumo launched the new offering in collaboration with digital payments platform Modulr.
As part of the partnership, Modulr is offering the underlying payments infrastructure to make the transactions.
The collaboration, first announced last year, helped Zumo to develop cash-to-cryptocurrency payments system with GBP support.
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By GlobalDataUsers can access the virtual card through the Zumo app.
In a blog post, Zumo said: “By selecting access to a virtual card, it enables you to do all of your purchasing online; simply, safely and securely.
“Our Zumo Virtual card lets you toggle between fiat and crypto, exchanging one for the other in-app: this means you can spend your money wherever Visa is accepted. To use this account, there is a small fee of £2 per month, or a £20 annual fee.”
Later this year, Zumo aims to release a physical convertible contactless debit card.
Commenting on the virtual card launch, CEO Nick Jones said: “Today marks a huge step forward for us and our customers. The launch of our virtual card will help to make people get comfortable with crypto.
“Our customers can now easily buy, hold and exchange cryptocurrency in the Zumo app, whilst spending cash using a Visa debit card.”
