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Visa Backs CryptoSpend Card

Global credit card giant Visa has approved users of Australian start-up CryptoSpend to use its tap and go system to pay with bitcoin.

It is the first time a payments card has been approved in Australia for use with cryptocurrencies.

It highlights moves by Visa and Mastercard bring digital currencies such as bitcoin on board to pay for everyday items.

CryptoSpend co-founder Andrew Grech, told the Australian Financial Review more crypto investors would look to cash out their trading gains in shops as a result of the move.

Visa said it employed a rigorous process to ensure the privacy and security of users’ information and to ensure anti-money laundering requirements are met.

The card will be issued by ASX-listed Novatti and is expected to be in the market in September.

The card will also allow users to spend other cryptocurrencies including ripple, bitcoin cash and Ethereum’s ether.

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