While there’s been a lot of news of cryptocurrency debit cards closing shop over the last two years, a company called Payglobal offers cryptocurrency to fiat transfers onto a user’s existing bank card. The U.K. based e-wallet service licensed by the Financial Conduct Authority (FCA) aims to provide a variety of end-to-end solutions for people who want to get paid using alternative payments and cryptocurrencies.
Crypto to Fiat Transfers for Existing Bank Cards
There’s a new service available throughout the European Union, Australia, Singapore, Mexico and Nigeria that allows users to transfer cryptocurrency to fiat and load their existing bank cards. Payglobal, headquartered in the U.K., allows registered customers to receive funds through bank transfer, debit card, alternative payments and digital currencies bitcoin core (BTC) and ethereum (ETH). Giora Tal, Payglobal’s CEO, told news.Bitcoin.com that other cryptocurrencies will be added in the future and the company will also be expanding to other countries. The firm believes that individuals will appreciate a turnkey e-wallet solution that supports conversions from cryptocurrency to fiat money and transferred onto existing bank cards.
Speaking with our newsdesk, Tal explained that the company simplifies payments by eliminating friction and allowing “customers to get paid in innovative ways.”
“Converting cryptocurrency to fiat money and sending it to your existing bank card through our regulated e-wallet platform provides customers with a quick and easy way to access their funds worldwide,” Tal detailed. “The way we can transfer money from person to person, or company to a person is constantly evolving and we are delighted to be the pioneers paving these new payment channels.”
Freelancers, the Gig Economy and Remittances
Users have to register on the Payglobal.me website and a Know Your Customer (KYC) verification process is required. Payglobal users must submit valid government-issued identification, proof of address, and a verified mobile phone number. After the approval is finished, users simply select the fiat they wish to withdraw and they pay a cryptocurrency invoice. Once the transaction is complete, the available fiat balance will be displayed on the account dashboard and from there the customer can select the amount of funds they wish to send to their Visa bank card. Payglobal’s transfer service has a minimum of €5 and a maximum of €1,000 ($1,137). The Payglobal e-wallet is not available for U.S. residents and a few other countries.
While there are a number of crypto-fueled debit cards offered in the European region, Payglobal believes it is adding convenience by allowing people to load their existing bank cards. Tal told news.Bitcoin.com that the startup’s “state-of-the-art technology offers new payment solutions yet to be seen in the market.” In addition to cryptocurrency solutions, Tal explained that the company has an array of tools for freelancers, the gig economy, fintech startups, blockchain developers, and family-to-family remittances