Crypterium to allow users to refill PayPal and bank accounts with cryptocurrencies

Source: Crypterium

Former Visa CEO’s startup Crypterium announced launch of its new feature that enables its users to send crypto directly to bank accounts.

This means you can refill both your PayPal wallet and traditional bank account with crypto, as well as shop with Bitcoin wherever bank transfers are accepted as a payment method. New Crypterium feature allows you to pay with crypto a diverse range of bills and loans, including mortgages, loans, utility and phone bills, taxes etc. Once you send crypto, banks and merchants get their currency of choice without doing anything to their systems, and Crypterium effectively does all the conversions.

“With our app, users can pay with crypto for a variety of goods and services, replenish their PayPal wallets or spend their coins at any platforms that accept bank transfers payment method” – says Marc O’Brien, CEO of Crypterium.

Cryptocurrencies can become the next mainstream payment solution within next decade, a study from Imperial College London argues. In 5 years, buying your cup of coffee with Bitcoin and shopping abroad with your favorite coins and tokens will be a commonplace, O’Brien agrees.

Crypterium is developing a mobile app that allows instant payments in cryptocurrency using existing payment infrastructures such as NFC terminals or QR codes. It allows its users to issue a virtual card, bind it to their crypto account, link it to Apple Pay, Samsung Pay or Android Pay, and pay with crypto by simply using a smartphone.


FAQ
How can I make bank transfers in Crypterium App?

You can make bank transfers both to personal and business accounts. Once you’ve chosen the option that suits your needs, you should fill in recipient’s/company’s name, IBAN number, and SWIFT/BIC code, then specify the amount you want to transfer and just send it.

What is IBAN and where can I find it?

IBAN stands for International Bank Account Number, which you can use when making or receiving international payments to help overseas banks identify your account. You will find the recipient's IBAN number on the invoice or bill that they have sent you. Or if you are making a personal payment to someone, you will need to ask them for it. It will be on their bank statement. It’s up to 34 characters long and will include both numbers and letters.

In which countries can IBAN transfers be made?

IBAN is primarily used in the European Union, so if you’re trying to send money to/from Europe, you’ll probably need a valid IBAN. Below is the list of countries that uses IBAN: Albania, Andorra, Austria, Belgium, Bosnia and Herzegovina, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Faroe Islands, Finland, France, French Guyana, French Polynesia, French Southern Territories, Georgia, Germany, Gibraltar, Greece, Greenland, Guadeloupe, Guernsey, Hungary, Iceland, Ireland, Isle of Man, Israel, Italy, Jersey, Jordan, Kazakhstan, Kosovo, Kuwait, Latvia, Lebanon, Liechtenstein, Lithuania, Luxembourg, Macedonia, Malta, Martinique, Mauritius, Mayotte, Monaco, Montenegro, The Netherlands, New-Caledonia, Norway, Poland, Portugal incl. Azores and Madeira, Reunion, Romania, Saint Lucia, Saint-Pierre & Miquelon, San Marino, Saudi Arabia, Serbia, Slovakia, Slovenia, Spain incl. the Canary Islands & Ceuta and Melilla, Sweden, Switzerland, Timor-Leste, Tunisia, Turkey, United Kingdom, and Wallis and Futuna

In which currencies can I make bank transfers in Crypterium App?

Initially, only Bitcoin will be accepted, but we’re already working on providing the same solution with Ether, Litecoin, and other cryptocurrencies. We also only allow bank transfer in Euro at the start, but new currencies will be added soon. 

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This content is contributed or sourced from third parties but has been subject to Finextra editorial review.

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