Is there interested in a Virtual Visa Debit Card ? | Opinion asked

[smartaction]

I have 2 products in mind. A refundable and a nonrefundable visa cards

Product 1#
A refundable and withdrawable Virtual Visa Debit Card. (KYC needed)
Refundable with crypto, credit cards, perfectMoney and a couple of local payment methods.
Withdraw from your Virtual Visa Debit Card to: Bank, PayPal and other local methods.

Product 2#
A nonrefundable and non-withdrawable Virtual Visa Debit Card.  (No KYC)
You can buy unlimited amounts of pre-funded cards, up to $250 for each card. These cards are not refundable, and you cannot withdraw money from the card. You can only spend the pre-funded amount online.

Since there is no need to do kyc, the 2nd product will be interesting. It will be more interesting when its usage limit is more and it can be used on big international e-commerce sites like Amazon, AliExpress, eBay, Apple pay and so on. $250 for each card. This limit is bit low.

[NeuroticFish]

$250 for each card. This limit is bit low.

That sort of limit is imposed by authorities, hence he simply cannot legally issue a non-KYC card with higher limits.
I've seen it before at Wirex; at some point they've offering such cards and the lifetime total amount for the card was this low; and they were asking for some not-so-nice fee to issue the card (plastic too, I think); and their overall fees added up made those cards not really appealing. Virtual-only should be cheaper from start and that's already a plus.

[SaveOurSea]

I have 2 products in mind. A refundable and a nonrefundable visa cards

Product 1#
A refundable and withdrawable Virtual Visa Debit Card. (KYC needed)
Refundable with crypto, credit cards, perfectMoney and a couple of local payment methods.
Withdraw from your Virtual Visa Debit Card to: Bank, PayPal and other local methods.

Product 2#
A nonrefundable and non-withdrawable Virtual Visa Debit Card.  (No KYC)
You can buy unlimited amounts of pre-funded cards, up to $250 for each card. These cards are not refundable, and you cannot withdraw money from the card. You can only spend the pre-funded amount online.

Since there is no need to do kyc, the 2nd product will be interesting. It will be more interesting when its usage limit is more and it can be used on big international e-commerce sites like Amazon, AliExpress, eBay, Apple pay and so on. $250 for each card. This limit is bit low.

Yes it's too low with a limit of only $250 per card and with that limit I think many people will think before using it,
apart from the 2nd product there is no need for KYC but with such a limit maybe people are not interested,
It is clear that each product has its own advantages and disadvantages

[tbterryboy]

$250 for each card. This limit is bit low.

That sort of limit is imposed by authorities, hence he simply cannot legally issue a non-KYC card with higher limits.
I've seen it before at Wirex; at some point they've offering such cards and the lifetime total amount for the card was this low; and they were asking for some not-so-nice fee to issue the card (plastic too, I think); and their overall fees added up made those cards not really appealing. Virtual-only should be cheaper from start and that's already a plus.

I would say that anyone who gets a non-refundable like that, could also get a regular card, why not? But, if KYC is the problem, they could keep on buying more of those to remove the problem. The thing is, if you want to buy something that is more expensive than 250 bucks, what do you do? I mean the limit is there, so you can't use it to buy anything that is a bit more expensive.

The type of money those places are making is not as high as you might imagine. The costs of running a business like this, and the costs of each transaction come with a price for them as well, so when you are charging something, you are not charging just for profits, you are also paying for something as a business as well. Hence those rates are not high just so they can profit, they have costs too.

[LotusHedel]

Hello Everybody,

I really appreciate every input so far, really had us good thinking. So I have decided to buy the part of the company and name it CriptoDebit.com.

We will release both products without KYC.
I can also confirm that the reloadable cards can hold up to 4000 +USD, and we will offer preloaded cards up to 2000 USD

The plan is to go live within a week, we need to complete the last API's with our banks, and we need to pass some security test. If everything goes well, we will probably go live on Friday.

Please have a look on the website, love to hear any more feedback and/or ideas. Prices on site may change.

[OmegaStarScream]

I just checked the website and here are some of my thoughts:

1. You're using that even the reloadable card won't need a KYC verification. How did you manage to do that and what changed?
2. On the site, you're saying that the user can use "any name". That doesn't safe at all, does it? What happens if you're required to ask the user to verify his ID due to some suspicious activity?
3. What's the difference between "reloading a card" and "funding the account"? It says 0$ for the former and 5% for the latter. Which one actually takes place when I want to add more funds to my card?
4. Are these fees real? 15% + USD for withdrawing funds to PayPal, SEPA, or anything else is just too much. Why would anyone use that instead of going to a non-KYC P2P exchange and changing his crypto for way lower fees?
5. The reloadable card is also pretty expensive. 65$ for issuing a virtual card?
6. You said the cards can hold up to 4000 USD. Does that mean you can reload the card as long as the overall balance doesn't exceed that amount?

[LotusHedel]

I just checked the website and here are some of my thoughts:

1. You're using that even the reloadable card won't need a KYC verification. How did you manage to do that and what changed?
2. On the site, you're saying that the user can use "any name". That doesn't safe at all, does it? What happens if you're required to ask the user to verify his ID due to some suspicious activity?
3. What's the difference between "reloading a card" and "funding the account"? It says 0$ for the former and 5% for the latter. Which one actually takes place when I want to add more funds to my card?
4. Are these fees real? 15% + USD for withdrawing funds to PayPal, SEPA, or anything else is just too much. Why would anyone use that instead of going to a non-KYC P2P exchange and changing his crypto for way lower fees?
5. The reloadable card is also pretty expensive. 65$ for issuing a virtual card?
6. You said the cards can hold up to 4000 USD. Does that mean you can reload the card as long as the overall balance doesn't exceed that amount?

Hi thanks for the questions,

1. We used a different bank that we had previously. They were more open to the idea, and they are a neobank. So I'm happy!
2. Short answer, we will never ask iD.
3. So before you can purchase a card, you will need to fund your account with crypto or perfect money when funding your account you will need to pay that fee. After that you can use your account balance to load or buy cards.
4. We have that option right now to be able to withdraw from your account balance. However, that's not what we want because it's very time-consuming. So that why those fee are high. We are not an exchange. It it's possible that we will disable that feature in the future.
5. We only make a little bit of money when you purchase a card, so if you buy a reloadable card, you can reload that card for free and don't need a new one until you hit the threshold of 4000 USD. So in order to keep it fair and square the cost of the reloadable cards are 69.00, but keep in mind we are the only service that provides this.
6. You can reload the card up to 4000 USD after that you need to buy a new one.

Best


P.s. Also we will have a referral system where you earn 3USD for every card your referral buys. Also we will give 4 free cards to users on this platform to test cards and leave a option.

[LotusHedel]

Btw, You can already create an account to see the interface. Let me know you think.

[OmegaStarScream]

-snip-

Thanks for answering my questions. Well, I just tried to make an account to see the website and I have to say I'm a bit disappointed with the prices of preloaded cards. It's not what I was expecting. Putting the quality of the cards aside, I really think that the prices offered by Coinsbee/PrepaidDigitalSolution were quite reasonable (IIRC something like +2.5%-3.5% of the card's value). Is there any reason why you're providing them for such a high price? I do realize that you're one of the few services that offer these cards, but do you think that people would be willing to pay 20$ extra when they want to buy something that costs 25$? I could be wrong, but I personally don't think there will be much demand for that.

[cryptobonus]

Sounds pretty profitable to me, because I'm currently using my virtual cards more often than my physical cards.

[Miketed]

1) The website looks working, has any one purchased any card?

2) How long does this take until you deliver the card?

3) what are the expiration of cards?

4) does the card work internationally?

[NeuroticFish]

2) How long does this take until you deliver the card?

Do you realize it's a virtual card, so all you can get is the card number, expiration date, cv number and maybe a name on it, right?
In my experience virtual cards are issued basically instantaneously, but yeah..it's a valid question. My point was only to tell that there's no plastic card to be sent to you.

[LotusHedel]

-snip-

-snip-

Hi, so what we did is looking at other competitors and lowering the prices where possible. At this moment we are the cheapest service, and we will keep it that way. Also, the funding fees with crypto will go down in a couple of months when we have finished other integrations. Also, we have made cards that you can reload without any additional fees.

-snip-

1. We are going live tomorrow
2. The cards are virtual and will be delivered instantly to your account
3. Cards are valid for 2 years.
4. The cards work at any merchant worldwide where Visa is accepted.

[LotusHedel]

We are LIVE!!

Check: https://bitcointalk.org/index.php?topic=5391064.msg59618365

[joeperry]

I like the concept about the cards since I am having a lot of trouble to services that doesn't accept cryptocurrency however upon checking your ANN thread it looks like there are some unanswered questions in the thread also about the last message. Is it only for the reloadable cards or including the the pre-loaded cards?

UPDATE: Reloadable cards won't be available after tonight anymore. If you already bought a reloadable virtual card, you can still use it until you reach the max funding balance.

[LotusHedel]

I like the concept about the cards since I am having a lot of trouble to services that doesn't accept cryptocurrency however upon checking your ANN thread it looks like there are some unanswered questions in the thread also about the last message. Is it only for the reloadable cards or including the the pre-loaded cards?

Hi this announcement is only for the reloadable cards, all other cards will be available as usual.

[Flexystar]

-snip-

-snip-

Hi, so what we did is looking at other competitors and lowering the prices where possible. At this moment we are the cheapest service, and we will keep it that way. Also, the funding fees with crypto will go down in a couple of months when we have finished other integrations. Also, we have made cards that you can reload without any additional fees.

-snip-

1. We are going live tomorrow
2. The cards are virtual and will be delivered instantly to your account
3. Cards are valid for 2 years.
4. The cards work at any merchant worldwide where Visa is accepted.

In first instance yes off course the second product is good one for the same reason as everyone is having I.e. no KYC.
However from the above quote, your point number 4 depicts that we can use it anywhere in the worldwide but how? What I mean is, this card is not available in physical form. So whenever I will visit let’s say star bucks how can I make the payment there?

As far as I know we can not really input card details on their pos machine neither they will just scan the details from my phone right?

So have you thought about this issue while paying with it in store?

[CriptoDebit.com]

In first instance yes off course the second product is good one for the same reason as everyone is having I.e. no KYC.
However from the above quote, your point number 4 depicts that we can use it anywhere in the worldwide but how? What I mean is, this card is not available in physical form. So whenever I will visit let’s say star bucks how can I make the payment there?

As far as I know we can not really input card details on their pos machine neither they will just scan the details from my phone right?

So have you thought about this issue while paying with it in store?

We changed our cards to Mastercard, because Mastercard can provide 3d secure, with some merchants they require you to use 3D secure to complete your transaction.

You can use our cards at any merchant that accept Mastercard online, however you may be able to add our card to for example the CashApp (NOT VERIFIED) our card are already work on the Curve app for physical transactions.