What Is a BitPay Card?
The BitPay Card is a prepaid Mastercard that lets you instantly convert cryptocurrency into fiat currency. The currency is then loaded onto the card and can be spent globally, anywhere Mastercard debit cards are accepted. You can also use your BitPay Card for online transactions and ATM withdrawals. The BitPay card facilitates cryptocurrency use by converting them into fiat currency, bridging the gap between real and virtual currencies.
The BitPay Prepaid Mastercard was launched in June 2020.
Key Takeaways
- The BitPay Card is a cryptocurrency debit card that allows you to use Bitcoin to make payments within Mastercard's network.
- Founded in 2011 by Stephen Pair and Tony Gallipi, BitPay is a payment processor enabling businesses to accept and use Bitcoin.
- The card is a reloadable prepaid card you load with funds, which are used as payment.
- In addition to payment services and the BitPay Card, BitPay also offers a BitPay Wallet app where you can manage and spend cryptocurrency.
How the BitPay Card Works
The BitPay Card works as a reloadable prepaid card but not a credit card. You use your wallet to load your BitPay Card with accepted cryptocurrencies, and Bitpay converts those coins to cash using their market value at the time you load the card. That cash is "stored" on the card using an account ledger system, letting you use it when needed.
Currently, BitPay supports settlement in fourteen cryptocurrencies and direct bank deposits in 9 countries. You can also choose to receive the cryptocurrency of your choice as payment. The following cryptocurrencies are supported:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Ether (ETH)
- Wrapped bitcoin (WBTC)
- Dogecoin (DOGE)
- Litecoin (LTC)
- Shiba Inu (SHIB)
- Apecoin (APE)
- Six USD-pegged stablecoins (GUSG, USDC, USDP, DAI, BUSD, PYUSD)
- Eurocoin (EUROC)
- Polygon (MATIC)
- XRP (XRP)
- ERC-20 tokens on the Ethereum Network
In addition to payment services and the BitPay Card, BitPay also offers a BitPay Wallet app where you can manage and spend Bitcoin or turn it into dollars and spend with the BitPay Card. In addition,the BitPay Wallet app supports many different options for buying and storing crypto and making online payments. You can instantly purchase gift cards from nearly 100 merchants, retailers, and restaurants.
The BitPay Card has an EMV chip that provides added security and is contactless-enabled for payments.
How Do You Get a BitPay Card?
To get a BitPay card, the BitPay app must be loaded on your mobile device. Install and open the app, click the card icon, and apply for the card following the instructions.
To apply for the BitPay Card, you must be at least 18 years old and have successfully completed identity and residency verification. In addition, you'll need to provide a clear selfie of your face and a photo from a supported identification method such as a:
- State ID
- Passport
- Residence Permit
- Driver's License
- Work Permit
- Immigrant Visa
The BitPay Card can be used at any vendor that accepts Mastercard debit cards. You can also use it to withdraw cash at any ATM compatible with Mastercard.
BitPay Card History
BitPay was founded in 2011 by Stephen Pair and Tony Gallipi. BitPay is a payment processor that lets businesses accept Bitcoin as payment. It is based in Atlanta, Georgia.
2018–2020
After 10,000 merchants signed up to accept Bitcoin with BitPay's services, the company raised $30 million in a Series A round of venture capital funding in 2014. 2018 BitPay underwent a Series B investment round, raising an additional $40 million.
In a press release from June 2020, Pair, the co-founder and CEO of BitPay, said, "The BitPay Card offers new benefits and features for consumers, making it easier to convert Bitcoin and other cryptocurrency into a spendable balance without currency risk. We are excited to work with Mastercard to expand crypto's use, while making it easy for businesses to attract new customers who want to spend Bitcoin and offer more places for customers with Bitcoin to shop."
2021–2023
In February 2021, BitPay announced that U.S. cardholders of the BitPay Prepaid Mastercard could add their card to Apple Wallet and spend cryptocurrency with Apple Pay. Bitpay allows you to add your virtual card to your Apple Wallet via the BitPay Wallet app if you're waiting for your physical card to arrive and start making purchases immediately. That same year, Bitpay began accepting Dogecoin, Litecoin, and Shiba Inu and updated its wallet app to accept Google Pay (but Google Pay is no longer available for U.S. users).
In 2023, Ferrari Dealerships within the U.S. began accepting cryptocurrency payments through Bitpay.
Can I Use My BitPay Card at an ATM?
You can use your BitPay card at ATMs with a limit of three withdrawals per day, totaling no more than $2,000 daily.
Is BitPay Card Free?
You may pay miner and wallet fees, a $2.50 fee for ATM and cash-back withdrawals, and other fees according to your fee schedule.
How Much Does a BitPay Card Cost?
The card itself is free after you create an account and are approved. Besides an ATM withdrawal fee and a possible bank teller fee, there are no transaction fees if you use the card within the U.S.
The Bottom Line
The Bitpay card is a prepaid Mastercard that lets you use Bitcoin and other cryptocurrencies to pay for goods and services. Business owners can accept it and receive cash as payment instead of cryptocurrency or use it to pay their invoices.
The comments, opinions, and analyses expressed on Investopedia are for informational purposes only. Read ourwarranty and liability disclaimerfor more info. As of the date this article was written, the author does not own cryptocurrency.
