A multicurrency digital wallet that enables consumers to store crypto and spend their funds at more than 40 million outlets worldwide has fully integrated Apple Pay.
Spend says the latest version of its Spend Wallet app unlocks instant access to the popular iPhone feature, meaning that more than 20 supported cryptocurrencies can be instantly converted to fiat and used to complete a mobile transaction on demand.
The platform says its priority has been ensuring that users can access all of these features instantly. An emphasis has been placed on streamlining the Know Your Customer process, and once this is complete, eligible consumers can immediately receive a Spend Visa virtual card.
To ensure that the process is as simple as possible, users can select which cryptocurrency they want to use. All conversions into fiat happen behind the scenes, meaning shoppers are spared the convoluted and frustrating process of switching the assets themselves.
According to Spend, the next step is to roll out support for Google Pay within the next couple of weeks, meaning that owners of Android devices will be able to access similar features.
Bringing crypto to the masses
Spend says its cards can be used anywhere where Visa is accepted as a payment method. Whereas it has been a challenge for crypto enthusiasts to be able to use their assets for everyday purchases in the past, the platform hopes its technology will open doors and help this new approach to personal finance go mainstream.
In terms of security and protection, “leading encryption methods” are used to ensure sensitive personal information doesn’t fall into the wrong hands. This technology is also deployed to prevent any Spend card from being used without permission. Meanwhile, the platform says fiat funds are held at licensed payment and financial institutions to give users peace of mind.
Spend says it is international in focus and wants to appeal to as many consumers around the world as possible. To this end, account holders can alternate between 27 fiat currencies and perform exchanges at the click of a button, including United States dollars, Canadian dollars and euros. As well as being beneficial for business travelers and those taking a holiday, this choice can help users protect themselves against volatility in the forex markets.
In a blog post from July 2018 explaining its vision for the Spend app, the company’s team said: “We are a firm believer in the fourth industrial revolution and the digitization of currencies. There are tremendous benefits for users worldwide to have control of their finances and to create an alternative financial solution for those whom don’t have access to banking which currently totals to 2 billion people worldwide.”
Keeping users informed
Through the digital wallet within the Spend app, the company gives users the chance to make informed decisions when making transfers to businesses, friends and family. As well as clearly indicating which currency is being used to complete the transaction, other crucial details — such as how long the transaction will take to clear and any associated fees — are displayed before money is sent. The payment can then be verified using a passcode or facial recognition.
Keeping tabs on the ever-changing crypto markets can also be crucial. From within the Spend app, users can access in-depth charts and analytics that make it easy to monitor recent fluctuations in a virtual currency’s value. As well as helping consumers to make financial choices, it is also hoped that users will learn new things about the industry, too.