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FollowSynergy (OP)
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October 07, 2017, 08:13:49 PM |
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Japan’s Largest Bitcoin Exchange Bitflyer Launches Bitcoin Visa Prepaid Card Japan’s largest bitcoin exchange by volume, Bitflyer, has launched its own reloadable Visa prepaid card. Customers can fund them using bitcoin through Bitflyer or other bitcoin wallets. The exchange is also giving away gifts to 1,000 customers during the launch period. Bitflyer’s Visa Prepaid Card Bitflyer announced on Friday the launch of its yen-denominated bitcoin Visa prepaid card. Starting on October 6, customers can apply for Bitflyer-branded Visa prepaid cards, fund them with bitcoin and use them at any stores that accept Visa cards. The cards are free to use, with neither a signup fee nor an annual fee, according to Bitflyer’s website. Customers can reload their cards via their Bitflyer accounts online or using a mobile phone app. Balances on the cards are displayed in Japanese yen. There is a limit of 30,000 yen per load, a monthly load limit of 120,000 yen and a lifetime load limit of 1 million yen per card. In addition, each card expires in 5 years and its balance cannot exceed 100,000 yen. To commemorate the event, Bitflyer is conducting a drawing to give away gifts to 1,000 “Trade Class” customers who have signed up with confirmed transactions between October 6 and October 22. Bitflyer has two account classes; the Wallet Class and the Trade Class. Wallet Class users are not eligible to purchase or sell digital currencies. https://news.bitcoin.com/japans-bitcoin-exchange-bitflyer-bitcoin-visa-prepaid-card/ |
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"Your bitcoin is secured in a way that is physically impossible for others to access, no matter for what reason, no matter how good the excuse, no matter a majority of miners, no matter what." -- Greg Maxwell
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aigeezer
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October 08, 2017, 12:55:57 PM |
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This is a very interesting development, particularly because most of the Visa debit card providers have just cancelled access to customers outside Europe, allegedly because of rule changes by Visa. https://news.bitcoin.com/bitcoin-debit-cards-non-european-residents-visas-new-rules/I tried to find out more about bitFlyer's new card offering, with mixed results. Apparently the card itself is the vandle card: https://vandle.jp/It's denominated in Yen only, rather than the common USD, GBP and EU found on most such cards. In my experience, it doesn't matter if merchants sell in a different currency as the conversions are handled seamlessly by the card issuer. So far I've not been able to find English-language versions of the site, and Google Translate leaves a lot of questions unanswered: https://bitflyer.jp/vpcI have read that the new card supports customers in 200 countries - if true that would be by far the widest distribution I've seen. I haven't been able to find out how they handle KYC requirements, proof-of-identity, and so forth - or even how they avoid the new Visa requirements that have taken down their competitors. If anyone can offer more details, please post them. |
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iamTom123
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October 08, 2017, 04:02:55 PM |
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Wow...I always give my biggest salute to the dynamism shown by many Bitcoin exchanges in Japan. The country has become the best model in terms of adopting and regulating Bitcoin. It would be now between Japan as the best country which adopted Bitcoin versus China as the country that banned Bitcoin exchanges and the ICOs. Countries which have many doubts and can be looking for the right ways to deal with Bitcoin should look closely at Japan and I am sure they can learn many things from this country of the rising sun. We are hoping that soon USA would fully follow what Japan did as an example.
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yugyug
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October 08, 2017, 04:47:54 PM |
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The Japan today is the market leader and innovator in bitcoin, regarding visa service for 3rd party bitcoin transactions may speeds up bitcoin transaction capacity and that's only happening first in Japan but i didn't heard about official statement from VISA if it's true that they will cater that service in Japan or might be there are some arbitrary process to gives VISA an on-the-go acceptance for bitcoin transactions. Since it is JPY denominations so it is intended solely for Japanese internal merchants as it may conflict VISA transactions outside Japan.
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digaran
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October 09, 2017, 03:08:06 AM |
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Good for them, I'm not going to register on their exchange to receive a useless prepaid card, no body wants Yen, if it was in dollar that would be something worth trying. they could at least make it less obvious, when people here try to do airdrops they wont allow users with newbie accounts registered after the airdrop announcement. Bitflyer is doing the opposite, they are saying that they will giveaway prepaid cards if you do some trades first. they're like me begging for some bounties/clients. lol is in order.
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1Referee
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October 09, 2017, 10:45:49 AM |
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Good for them, I'm not going to register on their exchange to receive a useless prepaid card, no body wants Yen, if it was in dollar that would be something worth trying.
There is a very decent alternative, which is called BitPay Card - it's based on Visa as well. Difference is that you do need to pay fees, but that's perfectly normal, considering that the BitPay Card isn't a 'charitable' gift like is the case with the card Bitflyer offers. ----- Other than that, I think it's a pretty good deal as long as there aren't any fees involved. It will stimulate people to use these cards instead of the regular debit cards that do require a per transaction fee, signup fee, annual fee, etc. I am however not seeing anything in the article pointing out that ATM cash withdrawals are free too. If that's the case, then it would add an even higher value to this service. If this picks up, it can actually turn out to be a pretty big deal for the exchange itself, and people buying themselves into Bitcoin. |
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aigeezer
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October 09, 2017, 11:44:12 AM |
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Good for them, I'm not going to register on their exchange to receive a useless prepaid card, no body wants Yen, if it was in dollar that would be something worth trying.
There is a very decent alternative, which is called BitPay Card - it's based on Visa as well. Difference is that you do need to pay fees, but that's perfectly normal, considering that the BitPay Card isn't a 'charitable' gift like is the case with the card Bitflyer offers. Bitpay's Visa card for customers outside the US was issued by Wavecrest Holdings. Wavecrest Holdings has cancelled such cards effective October 15 except for European customers. This affects virtually all of the prepaid debit card providers, not just Bitpay (Bitwala, Xapo, Cryptopay, Shiftpay to name a few). These companies are scrambling to find alternatives, which is why it is interesting that Bitflyer has come up with a new prepaid Visa card from a source other than Wavecrest. If you live in the US, you can still use Bitpay. If you live in Europe, you can still use a Wavecrest-issued card. If you live elsewhere (as I do) then Bitflyer may fill a need - it's not clear yet. As for the issue of the card being denominated in Yen - I have found with other cards that merchants neither know nor care what currency is written on the front of a card. Conversion happens at the bank level, not at the merchant level. |
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buwaytress
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October 09, 2017, 11:52:38 AM |
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This is a very interesting development, particularly because most of the Visa debit card providers have just cancelled access to customers outside Europe, allegedly because of rule changes by Visa. https://news.bitcoin.com/bitcoin-debit-cards-non-european-residents-visas-new-rules/I tried to find out more about bitFlyer's new card offering, with mixed results. Apparently the card itself is the vandle card: https://vandle.jp/It's denominated in Yen only, rather than the common USD, GBP and EU found on most such cards. In my experience, it doesn't matter if merchants sell in a different currency as the conversions are handled seamlessly by the card issuer. So far I've not been able to find English-language versions of the site, and Google Translate leaves a lot of questions unanswered: https://bitflyer.jp/vpcI have read that the new card supports customers in 200 countries - if true that would be by far the widest distribution I've seen. I haven't been able to find out how they handle KYC requirements, proof-of-identity, and so forth - or even how they avoid the new Visa requirements that have taken down their competitors. If anyone can offer more details, please post them. Yeah, I've been witnessing a tightening noose on Visa's cooperations with N America and European services. I used to be able to use a few Visa/Mastercard accounts across the board, but now only the ones I have registered with a Malaysian bank can be used anywhere in the world. But my bank's told me this will also change from 2020 onwards. From what I understand, the regional offices still have their own rules, obviously those under EU jurisdictions will have to comply with ECB. My feeling is that UK will be the next ground fertile for ex-EU proliferation, once Brexit (if ever!) gets fully underway. And yeah, it doesn't matter the currency denomination. My Malaysian ringgit Visa works perfectly everywhere I've been. |
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