What Is a BitPay Card?

The BitPay Card is a prepaid Mastercard that lets you instantly convert cryptocu♍rrency into fiat currency. The currency is then loaded onto the card and can be spent globally, anywhere Mastercard debit cards are accepted. You can also use your BitPay Card for online transactions and ATM withdrawals. The BitPay card facilitates cryptocurrency use by converting them into fiat currency, bridging the gap bet💎ween real and virtual currencies.

🦂 The BitP𒈔ay Prepaid Mastercard was launched in June 2020.

How the BitPay Card Works

The BitPay Card works as a reloadable prepaid card but not a credit card. You use your wallet to load your BitPay Card with accepted cryptocurrencies, and Bitpay converts those coins to cash using their market value at the time you load the card. That cash is "stored" on the card using an account ledger system, letting you use it when needed.

Currently, Bit♒Pay supports settlement in fourteen cryptocurrencies and direct bank deposits in 9 countries. You can also choose to receive the cryptocurrency of your choice as payment. The ꦦfollowing cryptocurrencies are supported:

• Bitcoin (BTC)
• Bitcoin Cash (BCH)
• Ether (ETH)
• Wrapped bitcoin (WBTC)
• Dogecoin (DOGE)
• Litecoin (LTC)
• Shiba Inu (SHIB)
• Apecoin (APE)
• Six USD-pegged stablecoins (GUSG, USDC, USDP, DAI, BUSD, PYUSD)
• Eurocoin (EUROC)
• Polygon (MATIC)
• XRP (XRP)
• ERC-20 tokens on the Ethereum Network

In addition to payment services and the BitPay Card, BitPay also offers a BitPay Wallet app where you can manage and spend Bitcoin or turn it into dollars and spend with the BitPay Card. In addition, the BitPay Wallet app supports many different options for buying and storing crypto and making online payments. You can instantly purchase gift cards from nearly 100 merchants, retailers, and restaurants.

How Do You Get a BitPay Card?

To get a BitPay card, the BitPay app must be loaded on your mobile device. Install a🥃nd open the app, click the card icon, and apply for the card following🌌 the instructions.

To apply for the BitPay Card, you must be at least 18 years old and have successfully completed identity and residency verification. In addition, you'll need to provide a clear selfie of your face and a photo from a supported identification method such as a:

• State ID
• Passport
• Residence Permit
• Driver's License
• Work Permit
• Immigrant Visa

The BitPay Card can be used at any vendor that accepts Mastercard debit cards. You can also use it to withdraw cash at any ATM compatible with Mastercard.

BitPay Card History

BitPay was founded in 2011 by Stephen Pair and Tony Gaওllipi. BitPay is a payment processor that lets businesses accept Bitcoin as p♔ayment. It is based in Atlanta, Georgia.

2018–2020

After 10,000 merchants signed up to accept Bitcoin with BitPay's services, the company raised $30 million in a Series A round of venture capital funding in 2014. 2018 BitPay underwent a Series B investment round, raising an additional $40 million.

In a press release from June 2020, Pair, the co-founder and CEO of BitPay, said, "The BitPay Card offers new benefits and features for consumers, making it easier to convert Bitcoin and other cryptocurrency into a spendable balance without currency risk. We are excited to work with Mastercard to expand crypto's use, while making it easy for businesses to attract new customers who want to spend Bitcoin and offer more places for customers with Bitcoin to shop."

2021–2023

In February 2021, BitPay announced that U.S. cardholders of the BitPay Prepaid Mastercard could add their card to Apple Wallet and spend cryptocurrency with Apple Pay. Bitpay allows you to add your virtual card to your Apple Wallet via the BitPay Wallet app if you're waiting for your physical card to arrive and start making purchases immediately. That same year, Bitpay began accepting Dogecoin, Litecoin, and Shiba Inu and updated its wallet app to accept Google Pay (but Google Pay is no longer available for U.S. users).

In 2023, Ferrari Dealerships within the U.S. began accepting cryptocurrency payments through Bitpay.

The Bottom Line

The Bitpay card is a 🧔prepaid Mastercard that lets you use Bitcoin and other cryp🌼tocurrencies to pay for goods and services. Business owners can accept it and receive cash as payment instead of cryptocurrency or use it to pay their invoices.

The comments, opinions, and analyses expressed on Investopedia are for informational purposes only. Read our for more info. As of the date this article was written, the author does not own cryptocurrency.