E-Coin Launches VISA-Branded Bitcoin Debit Card

[bitcoinbelieve]

here is the article https://www.cryptocoinsnews.com/e-coin-launches-visa-branded-bitcoin-debit-card/

Bitcoin start-up E-Coin has launched a virtual bitcoin debit card that works where VISA is accepted. The virtual bitcoin debit card has until now existed in the realm of possibilities largely due to the idiosyncrasies of the global financial system.

E-Coin solves a problem that has affected bitcoin users worldwide. Bitcoin users have had to cope with limited spending opportunities. By combining bitcoin with VISA, users of the virtual prepaid card will now be able to perform all the normal transactions that ordinary cardholders are able to do such as load funds, withdraw, and shop online. The most exciting aspect about E-Coin is its merging of the traditional financial architecture with the new reality of digital currencies. E-Coin currently has about 20,000 customers spread out in 173 countries worldwide.
Setting Up E-Coin

To set up an E-Coin account is easy and straightforward. It was a process that took this writer less than five minutes. Like all other similar products, the E-Coin virtual debit card is subject to withdrawal and spending limits. However these can be increased after submitting verification documents.

The E-Coin card is bound to excite developers and the general crypto community since it now allows anyone to spend bitcoin at any website that does not accept it as yet. In addition, it can also be used for third-party services such as PayPal and ApplePay.

E-Coin also offers physical bitcoin debit cards. The platform is simple to use, and promises customers hassle-free and instant conversion between bitcoin and the three fiat currencies currently available, the dollar, the pound, and the euro. E-Coin is at present not available in some key markets such as the US and India.

CCN interviewed Dmitry Lazarichev, co-founder and spokesperson for E-Coin and the following were his responses to our questions.

How long have you been working on this product?

One year.

In your press release, you said that there have been inconsistencies and friction in the global financial system. What are some of those inconsistencies and friction that you have encountered?

The main problem is that several countries and big markets such US and India are closed for us.

Did regulators in the US and India explain their reasons for denying you access?

We'd need banking partners in these regions to deal with local complaints.

Now that you've sealed this partnership with Visa, could we expect to see partnerships with MasterCard or American Express down the road?

Yes, we might start to work with MC (Mastercard) soon.

In addition to the planned mobile app that you plan to release, could we expect an API that will extend the functionality of your product?

Our mobile app will be ready in 2-3 months and we also offer APIs for partners.

There are several countries in which E-coin is not available. Would you give an approximate time-frame in which you will cover those markets?

It is a very good question. However, it vastly depends on bank regulations and political issues.

What other products and services could we hope to see from E-coin?

We are about to release virtual cards. Also we are going to add some more functionalities for the customers allowing them to earn on the bitcoin rate volatility.

E-Coin will be holding a Q&A on Zapchain. Please click here to register for the event.

Featured image from Shutterstock.

-> Get Free Bitcoins Every 5 Minutes at our Bitcoin Faucet <-

Read the latest technology and IT security news at Hacked or read more Bitcoin News here.

[claycoins]

Interesting, but bitcoin news not altcoins.

[Abiky]

This is pretty interesting news for the Bitcoin community. I'm getting one of these debit cards soon...

[Dire]

they launched this some time ago. I have one. The really weird thing that I don't understand though, is now in the dashboard of their site the image is branded with 'Mastercard' and not Visa. Yet, I most definitely have a Visa card from them.

They have an affiliate program too, here's my one: https://www.e-coin.io/?ref=0859cfb4f69e4c95b4af2be532720320

If you use it, you get 25% of purchase of the cards.

[RustyNomad]

The major problem with these cards at this stage are the fees. If these companies are serious about getting users to start making use of these cards they will have to take a serious look at the fees.

I just posted the following in another thread in regards to a comparison with the fees being charged in the fiat world.

This is a little of topic but related to debit cards....

Nothing much to do today so was reading articles about new developments and came accross a thread here about Monese, a new startup in the UK that's essentially an online bank [just fiat, no bitcoin], no branches and just the basics, an account and a debit card. This article led me to two similar startups namely Number26, a German banking startup and Mondo in the UK. The last two are looking at establishing full banking services like loans etc..

One thing that all of them offer are zero fee transactions. Even their debit cards is free of any fees. I think its Mondo [might be wrong] that does not even charge a currency conversion fee should you use the card to pay for something which is not in the currency of the card. They do not even charge you to have the cards delivered.

The bitcoin debit cards [Bit-x, E-Coin, Xapo], in comparison, now seems to be very expensive. All of them have currency conversion fees of around 3%, some have month/yearly fees and in the case of Bit-x also a per transaction fee of 0.0002 btc and 1% banking fee. Then there is the order fee of anything from $11 to $20, the activation fee [if any] of also about $11 to $20, delivery charges of around $11 depending on the card and or a speedy DHL deliver for another $50 odd with Xapo.

I have both a Xapo and Bit-x card and will keep on using them as it offers a convenient way to spend one's bitcoin directly from one's wallet. One can however not help but take note of the fact that you are being smoked for every transaction. Xapo, Bit-x and E-Coin should take note. Their aim should be to decrease the fees and or eliminate them completely. With the current fee structure in place there is little incentive for anybody to use their cards compared to the others on offer.

Yes the others might not deal in bitcoin but its not that difficult to get your bitcoins into those bank accounts. And with their fee structures I'm pretty sure its going to work out cheaper as well.

[tiggytomb]

I agree, the fees are a big issue with these cards.  There have been other cards around for a while such as the Bit-X card and as attractive as they are the fees just turn people away.

[Dire]

Their aim should be to decrease the fees and or eliminate them completely. With the current fee structure in place there is little incentive for anybody to use their cards compared to the others on offer.

Yep, this. But they can barely reduce the fees because for the most part those are the fees charged by the Visa and Mastercard network, so in other words, using a Bitcoin Visa/Mastercard means nothing about payments changed really.

The biggest benefit I have a card for, is that if tomorrow 1 btc spikes to a $1000 or so, then if I want I can lock it in as fiat on the card from btc, before the price goes down.

Bitcoin needs its own payment processor, but that's easier said than done and a major undertaking.

[everaja]

Interesting but it is not for me as you said in OP "The main problem is that several countries and big markets such US and India are closed for us."

At very first all cards seems promising but soon they start deducing shady fees , i guess it will not happen same with e-coin.

[Netnox]

Xapo debit card is pretty nice aswell.

[Abiky]

The ANX Bitcoin Debit Card is a good one too. You shoud try it out!