ZELF, an American fintech company, has launched an anonymous Visa debit card that can be used as legal tender in 80 million locations around the globe. This amazing initiative by ZELF has incited further excitement within the crypto market and the tech space.
Pursuing its goal to democratize access to finance, ZELF, Bank of the Metaverse, has explained that the instant Visa debit card can be replenished with cryptocurrency, and there are other methods of funding the account. This revolutionary product provides users with the freedom and convenience to make secure purchases while preserving their privacy.
This latest feature will enable customers to create a U.S. dollar checking account with only their name, email, and phone number, saving them from the stress of providing documentation such as a social security number and proof of address. According to the fintech firm, users can create a checking account and have an anonymous virtual debit card, which operates with Apple and Google Pay, within 30 seconds.
Users with the Visa debit card will have the privilege to fund their accounts via traditional electronic payments, such as money orders and wire transfers, as well as crypto payments. Currently, users can process deposits into their checking accounts and debit cards in USD Coin, Tether, and Ether. The firm explained that it intends to add 20 more popular tokens to its catalogue by the end of the year.
ZELF’s partnership with Visa seeks to concentrate on privacy and security for holders as regards the transaction of cryptocurrency. According to Elliot Goykhman, founder and CEO of ZELF, minimizing verification documentation will make it appealing to many users while also allowing the global unbanked population to gain access to financial services.
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Regardless of the mighty steepness of the market’s bear, there has been a traceable and noticeable increase in the incorporation of crypto payment schemes, ranging from crypto cards to crypto gift cards and crypto food delivery portals. Visa seems to be playing a primary role in crypto adoption and increasing crypto use cases.
Visa filed trademark applications in October, signalling the company’s intention to widen its footprint within the crypto ecosystem. Its trademark applications indicate the firm’s plan to utilize digital, virtual, and cryptocurrency transactions, as well as nonfungible tokens and virtual goods. As reported, on the 27th of October, Visa collaborated with Blockchain.com to provide crypto debit cards bereft of sign-up or annual fees and no transaction fees while ensuring users are able to earn 1% on all purchases back in crypto.
Elliot Goykhman stated: “Making verification mandatory only upon reaching certain thresholds, we also attract customers, who are currently unbanked, due to inability to pass verification at incumbent banks, including international digital nomads, migrant workers and refugees.”
ZELF is revolutionizing the banking industry streamlining the client onboarding process from days to seconds and reducing Customer Acquisition Costs by 600 times compared to traditional banks. These cost savings allow the neobank to invest in more innovative banking services and features for customers forming a better relationship between the bank and its clients.
Launched in 2020, ZELF has already gained more than one million registered users and plans to grow to five million by the end of 2023. There is so much excitement about this upgrade as it suggests an optimistic future for cryptocurrency.
