European digital investment platform Bitpanda is launching its first plastic product, a Visa debit card that combines currency, cryptocurrency and precious metal assets into one card.
Bitpanda Card users will be able to instantly switch between the assets they want to make their purchases with using the Bitpanda App, which will also help them keep track of investments in real time through push notifications.
The card will be linked to any asset in the user's Bitpanda portfolio for initiating transactions online or in stores worldwide. The card can also be used for contactless payments through Google Pay or Samsung Pay.
“We wanted to build a product that is missing in the market by asking ourselves why it wasn’t possible to spend your investments at any time you want," Eric Demuth, co-founder and CEO of Vienna-based Bitpand, said in a Wednesday press release. "We answered this question with the Bitpanda Card, allowing users to spend any of their assets, be that with crypto, metals, or fiat, as they please."
No topping up is required on the card, Demuth added. "Everything that holds value should be treated equally and should be possible to use as you wish," he said.
The card carries no fees or monthly account fees, and offers 2% cash back in bitcoin for qualified users.
“At Visa, we maintain close relationships with local partners around the world in order to advance the future of payment together, in line with the respective market conditions," Stefanie Ahammer, country manager for Visa Austria, said in the release. "For this reason, we are particularly pleased to have gained such an innovative and successful company like Bitpanda as a partner in Austria. Together, we are launching Visa Debit as a future-oriented card product that will now also be available for consumers in Austria and all other Eurozone countries."
Bitpanda says it has more than 1.6 million users on its platform for trading digital assets and precious metals. Through its desktop site and mobile apps, Bitpanda users have access to more than 50 investment assets.
