The latest reports indicate that a new debit card has gained approval from UnionPay International and it strives to increase the rate of crypto adoption by ensuring that all currencies are equal. This new card is scheduled for launch in 31 countries throughout the European Economic Area. The debit card became one of the first digital asset firms to secure approval from UnionPay.
Amon said that its multi-currency card lets users spend pounds and euros seamlessly. That plastic is connected to a wallet that supports eight cryptos including Ethereum, Bitcoin, and Litecoin; and a one-click exchange makes the conversions quite easy. Plans are already underway to support the US dollar next, with the Amon community given the chance to vote on which virtual currencies they would like to be added in the future.
UnionPay is accepted by 28.5 million merchants around the world, according to the U.K.-based brand. Interestingly, the payments processor has 90% coverage in a majority of the EEA nations. That rise is 100% in the likes of Italy, Spain, and Austria.
The Amon executives highlighted that they opted to use UnionPay instead of MasterCard or Visa since it will enable the firm to achieve strong global expansion much faster. That will pave the way for its product to launch in other regions like South America and the United States. South America is an underserved market for cards even though the demand for digital assets is significantly high.
A Unique Entrant In The Market
Amon is not convinced that cryptos will replace fiat any time soon. Instead, the brand believes that the two can complement each other. The firm’s motto is ‘define your freedom’ and the team behind it says that their products are designed to cater to individuals that hold digital assets as a store of value, and those that use cryptos to make purchases.
Consumers can generate cashback on most of their purchases; and soon they can share the rewards with the charitable organizations that they care about. Considering how strengthening levels of crypto adoption is a critical tenet of the project, a specially developed assistant will provide analytical tools to enable users to make informed decisions concerning their finances.
On the other hand, a crypto academy will host a wide range of learning materials produced by a helpful community. The new crypto debit card is also turning out to be competitive on fees from ATMs because no fees will be charged for cash withdrawals under $325 in value.
CMO Michael Kulakovskij, while explaining why Amon is quite determined to make life simpler for its clients, told reporters:
“The crypto market is growing fast and there are still so many underserved markets. New users often feel overwhelmed and frustrated about the complexity of the crypto sector.”
Making Cryptocurrencies Accessible
Daniele and Christian Izzo are the founders of Amon. The two brothers had been left frustrated after they encountered challenges while trying to use their crypto for daily purchases. Development on the firm’s app started in 2018, and a partnership with one of Hungary’s biggest commercial banks subsequently followed.
However, the brand wants to go beyond guaranteeing that it is easy to use BTC when buying goods and services. Instead, it aims to offer an outlet where altcoins can be used for daily spending without hassle; with artificial intelligence enabling the shoppers to get the best-performing crypto to use at any given time.
Amon has been recently holding a fundraiser on the worldwide platform BnkToTheFuture to help ensure that its product can launch successfully; and highlights that over 1,400 cryptocurrency debit cards have already been preordered. The firm’s token, AMN, has also been listed on Liquid.com.
In a Q&A back in May, Daniel Izzo explained that Amon aims to continue innovating as soon as the card hits the market. New designs are set to be rolled out together with extra features and perks. After about two years in the making, the crypto debit card market has found a new competitor in the ring.