Bitcoin Forum

Hi , I want to open an exchange site and issue Mastercard prepaid cards that can be funded with BTC. The cards will be personalized with bitcoin logo or something like that. All cards will be nominal ones , not anonymous , $1,000 daily ATM withdrawal limit.

My only problem is what commission I should take for this to have a lot of people interested in this, like to earn something from this business and also to have satisfied customers. The cards will be in USD , EUR , GBP. Also can be funded by wire or other methods. All cards owners will have online access to the card directly on the company who owe the Mastercard license .

Waiting for suggestions or any idea from the forum members. If possible from old and trusted members.

And sorry because my english is not perfect.

Thanks

UPDATE :

Countries list :

Belgium , Bulgaria , Denmark , Germany , Estonia , Finland ,France*  ,Greece , Great Britain** ,Ireland  ,Iceland ,Italy ,Liechtenstein ,Lithuania ,Luxembourg ,Latvia ,Malta ,Netherlands ,Norway ,Austria ,Poland ,Portugal,Romania ,Sweden ,Spain ,Slovenia ,Slovakia ,Czech Republic ,Hungary ,Cyprus , United States

*incl. French Guiana, French Polynesia, French Southern Territories, Guadeloupe, Martinique, Mayotte, New Caledonia, Reunion,
Saint Pierre & Miquelon, Wallis and Futuna
**incl. Guernsey, Isle of Man, Jersey, Northern Ireland

Will start taking orders for cards within 2 days. Delivery time 14-20 days.

US CARD FEES:

Card Fee (per issued card) : $50
Monthly Service Charge    $2.50      
ATM Withdrawals in US   $4.00   
ATM Withdrawal outside US   2% min of $2.00   
POS Purchase US   $0.00   
POS Purchase outside US   $2.00
Decline Fee   $0.30

EU CARD FEES:

Card Fee (per issued card) : $50
Monthly Service Charge    € 1.50   
ATM Withdrawals in UK   1.50%
ATM Withdrawal outside UK   2.00%
POS Purchase UK      € 0.00
POS Purchase outside UK   € 1.50

I wish they had these I heard soon in like a year we will see them

I can't answer your question but this seems like a great idea!!

Can start it in maximum 1-2 weeks , as I said in my previous post my only problem is the commission ..... if is high ppl will not be interested , if is too small i earn nothing ... also is a big risk since btc can go down anytime .

Will you offer the cards in CAD?

I would not pay greater than 2% commission, but service sounds very useful.

No from what I know only EUR USD and GBP .... also i dont know exactly to which countries the cards can be issued and to which countries they cant be issued. Will come with more details today or tomorrow.

I personally have this kind of prepaid and the exchange rate is very good , like when i withdraw from ATM , the exchange rate USD to local currency is made at the Mastercard rate which is higher that bank rate.

This type of card has been discussed before and the demand is great.  If you succesfully create such a card, people would pay a fairly high commission for the service.

We are eagerly awaiting the details. Prepaid cards!

is possible 100% , i already talked with the company who have the mastercard license and the answer was positive. tomorrow will start working on the website

Great news!  Best of luck and keep us updated!

Simple interface and easy to use?

sign me up, have you looked at the legal structures in place though?

will do it as simple as possible , card funding will be manual , about legal structures my only concern is if i can work with us customers or not, anyway  in 1-2 days will know all the details... the idea is that the cards are issued from an already mastercard licensed company and the company is authorised by the financial services authority ... all i do is to get btc from people and fund their cards from my card account. the cards are not issued by my website and are not my property .... this is why i think is possible to do it

Wait... ARE THEY OUT YET?

Interesting Idea.  I will be waiting to see if you can do this in the USA.

Cheers

yes , the cards are on the market but cant be funded directly with btc ..... in few words .... all i do is to work with the company who issue the cards , open a website , have the cards branded with the logo i want , then people order the cards through my website , receive the cards from the card company , send them docs to verify their identity and increase the card limits and after that just exchange through me like I buy  the btc and fund the people cards from my card account with $ or eur or gbp. like i'm buying btc from people and the btc sellers receive the money on their mastercard.

thats a problem with US ..... will try to come with news as soon as possible

hmm very interesting idea I would like to see them being utilized with the bitcoin ATM, if you do go through with it would you be willing to use John for escrow services?

Some people sell these in the market, i'm sure you can sell them also.

Yes of course I will do escrow , depends on the amount and how much $ I have available .... the bitcoin card funding or exchange is risky like i get the bitcoin from you now at a price, fund your card and when i get the btc from escrow , btc value can be down but also can be up ... is like gambling thats my biggest problem ... i want to do something like funding the cards for a % and selling the btc at 1:1 or with a smaller commission than other btc sellers ... mariusu are you from ro ? 

yes i know that some cards that can be refilled with btc are on the market this is why i say is possible 100% to provide cards to people

It's a great demand for it. But, these are also available in the marketplace. A lot of members sell these without the Bitcoin logo.

Who sells them?

the cards can be with bitcoin logo or without bitcoin logo ... just with the prepaid cards company name on them

You still might run into regulatory problems in the US. Even though the cards are not your property, you're still receiving BTC and exchanging ("receiving money for transmission") it to USD from your account. Look up what happened to Tangible Cryptography - they did something similar and then got pinned by the state of Virginia for not being registered as a money transmitter (the case hasn't been resolved yet).

Even if you somehow escape qualification as a money transmitter (state level) or an MSB (federal level), you'd still likely be an "agent" for a money transmitter or an MSB, in which case, you still have a pile of regulations to adhere to.

Good luck!

so i have good and bad news about prepaids ....... dont need a license , can operate under the prepaid cards company license. since i am EU based , they said :  It is fine to set up a new company in Europe to partner with us but you can only advertise openly the cards for customers in the EU as per MasterCard rules and regulations.

Now I'm waiting to see if I can advertise the cards worldwide .

NEWS :

Cards can be available for US and also for EU.

Countries list :

Belgium , Bulgaria , Denmark , Germany , Estonia , Finland ,France*  ,Greece , Great Britain** ,Ireland  ,Iceland ,Italy ,Liechtenstein ,Lithuania ,Luxembourg ,Latvia ,Malta ,Netherlands ,Norway ,Austria ,Poland ,Portugal,Romania ,Sweden ,Spain ,Slovenia ,Slovakia ,Czech Republic ,Hungary ,Cyprus , United States

*incl. French Guiana, French Polynesia, French Southern Territories, Guadeloupe, Martinique, Mayotte, New Caledonia, Reunion,
Saint Pierre & Miquelon, Wallis and Futuna
**incl. Guernsey, Isle of Man, Jersey, Northern Ireland

Will start taking orders for cards within 2 days. Delivery time 14-20 days.

PM for more infos.

Thanks

I want one of them.