A new debit card is gearing up to launch in 31 countries across the European Economic Area after becoming one of the first digital asset companies to secure approval from UnionPay International.
Amon says its multi-currency card allows users to spend euros and pounds seamlessly. The plastic is connected to a wallet that supports eight cryptocurrencies including Bitcoin, Ethereum and Litecoin — and a one-click exchange makes conversions effortless. Plans are in place to support U.S. dollars next, with the Amon community given the opportunity to vote on which digital assets they would like to be added in future.
According to the U.K.-based brand, UnionPay is accepted by 28.5 million merchants globally, and the payment processor has 90% coverage in most EEA countries. In the likes of Spain, Italy and Austria, this rises to 100%.
Executives at Amon say that they opted to use UnionPay instead of Visa or Mastercard because of how it will enable the company to achieve global expansion much faster — paving the way for its product to launch other regions such as the U.S. and South America, an underserved market for cards despite the fact that demand for digital assets is high.
A distinctive entrant in the market
Amon doesn’t necessarily believe that cryptocurrencies have to replace fiat — instead, the brand thinks the two can be complementary. The company’s motto is “define your freedom,” and the team say their products are designed to cater to people who hold digital assets as a store of value, as well as those who use virtual currencies to make purchases.
Consumers can generate cashback on their purchases — and soon, they will also be able to share these rewards with the charitable organizations they care about. Given how enhancing levels of crypto adoption is a crucial tenet of this project, a specially created assistant will offer analytical tools to help consumers make informed decisions about their finances, while a crypto academy will boast a range of learning materials produced by a helpful community.
The crypto debit card is also shaping up to be competitive on fees from ATMs, as no fees will be charged for cash withdrawals under $325 in value.
Explaining why Amon is so determined to make life simpler for its customers, CMO Michael Kulakovskij told Cointelegraph: “The crypto market is growing fast and there are still so many underserved markets. New users often feel overwhelmed and frustrated about the complexity of the crypto sector.”
Making crypto accessible
Amon was founded by Daniele and Christian Izzo — two brothers who were left frustrated when they found it difficult to use their cryptocurrency for everyday purchases. Development on the company’s app began in 2018, and a partnership with one of Hungary’s largest commercial banks subsequently followed.
But the brand wants to go beyond ensuring that it’s easy to use Bitcoin when buying goods and services. Instead, its goal is to provide an outlet where altcoins can be used for everyday spending without hassle — with artificial intelligence enabling shoppers to find the best-performing cryptocurrency to use at any given moment.
Amon has been holding a fundraiser on the global platform BnkToTheFuture to help ensure that its product can launch successfully — and says more than 1,400 crypto debit cards have already been preordered. The company’s token, AMN, has also been listed on Liquid.com.
During a Q&A back in May, Daniele Izzo said Amon plans to continue innovating as soon as the card hits the market — with new designs set to be rolled out, plus additional perks and features.
After two years in the making, the crypto debit card market has a new competitor in the ring.
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