Crypto wallet and payments platform Zumo has launched its virtual visa debit card. Top Business Tech takes a closer look.
Today Edinburgh-based crypto wallet, Zumo, has announced its visa-powered Zumo Virtual Card. This marks Zumo as the first non-custodial crypto wallet to offer users the ability to hold GBP in their wallet, as well as the ability to spend with a Visa card.
Speaking about this landmark moment for the brand, cofounder and 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.”
To launch this product, Zumo teamed up with digital payments platform, Modulr, which will provide the underlying GBP payments infrastructure. Zumo has been working with Modular for one year now to develop a seamless cash-to-crypto payment system.
The crypto boom
The release of this product comes at an excellent time, as cryptocurrency continues to regain momentum. In addition to this, there has been a marked increase in online sales in the wake of COVID-19, by as much as 74% year-on-year in January 2021. In addition to buying, selling, sending and storing, the app allows for users to convert between Bitcoin and Ethereum, with pounds sterling, and then spend with the new digital card.
Zumo is due to release the physical convertible contactless debit card which can be used at shops or any other place which accepts VISA later in the year. “We hope that the familiarity of a debit card will help to introduce new people to cryptocurrencies and help their ascent into the mainstream,” Jones continued.
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“Zumo’s Virtual Card bridges the old world of traditional money with the new world of smart money. Safe, simple and secure is the core of the brand’s purpose. Which is exactly what this new product is about.”