The digital-only card has no annual sign-up fee or activation fees, instead it requires a 1% conversion fee of crypto to Australian dollars (AUD) when a transaction is made.

Powered by global payment solutions platform EML, the digital card intends to allow CoinSpot customers to use cryptocurrency like cash with a tap of either Apple of Android devices.

EML Payments CEO Rachelle St. Ledger said Australia has one of the world's highest cryptocurrency adoption rates, with 23% of all Australians owning one or more digital assets.

This comes following a report from ASIC released earlier this year, revealing 58% of Aussies aged between 18–34 are significantly more likely to report owning at least one form of cryptocurrency, compared to 46% of those aged 35-54 and 20% of those aged over 55.

How to use CoinSpot's crypto Mastercard

To take advantage of CoinSpot’s digital Mastercard, customers will need to have a verified CoinSpot account with Two-Factor Authentication (2FA) enabled.

Further, CoinSpot notes customers will need to log into their verified CoinSpot account via the CoinSpot mobile app, activate their CoinSpot Mastercard, link it with either their Apple or Google wallets, then select the cryptocurrency they wish to link to the CoinSpot Mastercard.

Upon making a transaction with the CoinSpot Mastercard, the cryptocurrency linked to that card is instantly converted to AUD at a charge of 1%, which is then used to complete the transaction in real time.

This results in a 50c fee on a $50 transaction.

Importantly, cardholders can only assign one cryptocurrency to the card at a time, however users can cycle through up to five.

Outside of CoinSpot, some other crypto debit cards available from cryptocurrency platforms include:

  • CoinJar
  • Revolut
  • Coinbase
  • Bitpay
  • Binance

Images provided by CoinSpot

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