- J McGlynn and M Bacina
CoinJar launches first Australian crypto-linked card with Mastercard
Mastercard has beat Visa to the punch to launch Australia's first crypto-linked card with crypto exchange CoinJar. In a recent press release, through CoinJar's sister site, Cryptonews, it was reported that the CoinJar card is now available both physically and digitally through both Google and Apple Pay integration.
Serendipitously, this announcement follows shortly after this authors own recent questions of when Australia would launch this kind of product.
We also understand that an alternative offering is hot on the heels of this launch, as Visa has declared it should be just a month (September) before Visa launches its own crypto-linked card with Australian based crypto-start-up CryptoSpend.
Describing this new payment method as instant and secure, CoinJar explains that the first “Australian-native” crypto card functions exactly like any other Mastercard. "The CoinJar Card allows you to spend your crypto like cash, online and in-store", its website boasts.
The company further explains:
CoinJar Card allows you to use the cryptocurrency in your CoinJar to make purchases, wherever Mastercard is accepted. All you need to do is choose which crypto you want to spend and it’ll be automatically converted to Australian dollars when you make a transaction - no need to preload.
With the CoinJar card supporting up to 30 different cryptocurrencies and featuring a 1% conversion rate - the crypto exchange says will be returned to customers through an internal rewards program, this new product is certainly a great new offering for Australian crypto innovators.
As we have previously written, Visa and Mastercard already have live initiatives in the United States which empower crypto-start-ups with the ability to offer crypto-linked cards and payment mechanisms for U.S crypto innovators to have an easier way to spend their money. It is likely we will see additional competition in this space soon.
It's great to see Australia responding to increasing consumer demands for the opportunity to spend their crypto via simple means.