Bitget Wallet has partnered with Mastercard and Immersve to launch a zero-fee crypto card, enabling users to spend cryptocurrencies like USDC at over 150 million Mastercard-accepting merchants worldwide. The card, available through the Bitget Wallet app, supports real-time crypto-to-fiat conversions with no top-up or annual fees.
It integrates with Apple Pay and Google Pay, offering tap-and-pay convenience. Initially launching in the UK and EU, it plans to expand to Latin America, Australia, and New Zealand. The card requires a 10 USDC issuance fee and basic KYC, with no credit checks. Early users (first 2,000) receive 5% cashback in BGB. Immersve ensures compliance with KYC and AML regulations. The U.S. is excluded pending regulatory approvals.
The partnership between Bitget Wallet, Mastercard, and Immersve to launch a crypto card has significant implications for the crypto and financial sectors, but it also highlights a growing divide in crypto adoption and accessibility. The card bridges crypto and fiat by enabling seamless spending at over 150 million Mastercard merchants. This integration could normalize crypto as a payment method, boosting its practical use beyond speculative trading.
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Features like Apple Pay/Google Pay compatibility and real-time crypto-to-fiat conversion enhance user convenience, potentially attracting non-crypto natives. No credit checks and low fees (10 USDC issuance, zero annual/top-up fees) make the card accessible to underbanked populations, particularly in regions like Latin America, where expansion is planned. However, KYC/AML requirements may still exclude some unbanked users without formal identification.
The card strengthens Bitget Wallet’s ecosystem, potentially increasing user retention and BGB token utility (e.g., via 5% cashback incentives). This could elevate Bitget’s competitive edge in the crypto wallet market. Compliance with KYC/AML via Immersve signals a move toward regulated crypto solutions, which could build trust among traditional financial institutions but may alienate privacy-focused crypto users. Exclusion of the U.S. due to regulatory hurdles highlights ongoing challenges in scaling crypto products globally.
The card could drive crypto spending, stimulating merchant economies in supported regions (UK, EU, soon Latin America, Australia, New Zealand). It may also pressure competitors (e.g., Binance, Crypto.com) to innovate their crypto card offerings. The UK and EU benefit first, with planned expansion to Latin America, Australia, and New Zealand. These regions gain early access to crypto spending infrastructure.
The U.S. and other countries with strict regulations (e.g., parts of Asia) are left out, creating a gap in access to crypto payment solutions. This reinforces a divide between crypto-friendly and crypto-restrictive jurisdictions. Those familiar with crypto wallets and digital payments (via Apple Pay/Google Pay) will adopt the card easily, deepening their integration into the crypto economy.
Older or less tech-literate populations may struggle with wallet setup, KYC, or crypto volatility, limiting broader adoption. Those with disposable income to hold USDC or other supported cryptocurrencies can leverage the card’s benefits (e.g., cashback in BGB). While the card aims to serve the underbanked, the 10 USDC fee and KYC requirements may still exclude the poorest or those without formal IDs, perpetuating financial exclusion. Those comfortable with KYC/AML compliance will embrace the card as a step toward mainstream integration.
Crypto purists who value decentralization and anonymity may reject the card due to its centralized compliance and reliance on traditional finance (Mastercard). The first 2,000 users receiving 5% BGB cashback gain an economic advantage, creating a disparity with later adopters. Users of rival platforms (e.g., Crypto.com’s card) may face a choice between switching to Bitget or sticking with potentially less competitive offerings.
The Bitget-Mastercard crypto card is a step toward mainstreaming crypto payments, offering convenience and potential financial inclusion. However, it also highlights divides in geographic access, technological literacy, economic status, and ideological alignment within the crypto space. While it bridges crypto and fiat for some, regulatory, economic, and cultural barriers may widen disparities for others.