Payments disrupter Paysend opened pre-registration for its new platform this week, with a headline feature of a new smart card allowing customers to select and spend from any currency.
Customers can manage their fiat and crypto currencies as part of the new Global Account, from the convenience of one e-wallet, and will avoid international transaction charges.
Presenting the solution at Finovate in Silicon Valley Ronald Millar, CEO of Paysend, said: “Digital currencies and the blockchain technology will become an established part of everyday life over the coming years and Paysend is seeking to make them available to as many members of the public as possible, and as easy to use as traditional currencies.”
The new Global Account will allow users to pay with multiple fiat currencies, and initially with Bitcoin, with more crypto currencies to be added over time too. The smart card - a payment card - attached to the account is both a physical and virtual card, enabling whatever currencies are in the account to be spent online or at retail outlets.
Ronald added: “Be it a card, a bank account or a crypto wallet, customers are looking for a universal solution to pay and move their funds in a secure and simple way. If you want to pay for your latte with pounds, dollars or bitcoin you should be able to do so – and we take care of the complex financial processing seamlessly in the background.”
A key feature of the new Global Account is the ability to instantly switch between currencies to choose which will be spent when the smart card is used. This allows consumers to avoid huge currency exchange rates. Secure online purchases are built in to the account by the smart card acting as a virtual card. Transfers between Global Account holders are free of charge and the customers can also withdraw cash at millions of ATMs with the smart card.