Gate has partnered with Visa to introduce a crypto-linked payment card across more than 40 markets.
The card will allow eligible users to spend digital assets held in their Gate accounts online and in stores wherever Visa is accepted.
When cardholders make payments, Gate will automatically convert the relevant cryptocurrencies into fiat currency at the point of sale. Users will also be able to apply for and manage the card through the Gate app.
Gate has not announced a specific launch date or published a complete list of supported markets. The company said eligibility requirements, supported assets and service availability would be detailed on its product page.
Card enters a growing crypto card market
The card will connect Gate users to Visa’s payment network, which covers more than 175 million merchant locations across over 200 countries and territories.
Users will be able to spend supported digital assets on everyday expenses, including shopping, dining and travel.
The announcement also highlights growth in Visa’s stablecoin-linked card business. More than 160 such programmes are operating globally, with payment volumes increasing by nearly 200% year-on-year, according to Gate.
Visa has also been expanding its stablecoin-linked card offerings through other partnerships, including its collaboration with Stripe-owned Bridge to extend stablecoin-linked cards to more than 100 countries.
“This partnership with Visa connects the digital asset accounts Gate users already know with a broad range of commercial scenarios, making digital asset payments more intuitive and better aligned with everyday needs,”
said Dr Han, Founder and CEO, Gate.
“Consumers want payment methods that are flexible, convenient, and widely accepted. Visa is committed to working with partners to expand payment choices and connect new forms of value to established digital payments infrastructure,”
said Nischint Sanghavi, Head of Digital Currencies, Asia Pacific, Visa.
Card extends Gate Money into everyday payments
The collaboration follows Gate’s launch of Gate Money, a financial services application that brings digital assets, fiat currencies, stocks, ETFs, gold, bank accounts and payments together within the Gate app.
Eligible users can apply online for a global bank account in their own name. They can also receive and transfer funds, convert assets and manage payments through the platform.
Users can access Gate Money by updating the Gate app to version 8.39.0.
The crypto-linked Visa card is intended to extend Gate Money’s services into everyday spending by connecting digital assets held in Gate accounts with Visa’s payment network.
Featured image credit: Edited by Fintech News Singapore, based on image by Who is Danny via Magnific
