Weld Money & Unex Bank & Mastercard product  — weld card

Weld Money & Unex Bank & Mastercard product — weld card

by Weld Money admin
22.09.2022
·
min read

Today, fintech startup Weld Money, Ukrainian bank Unex Bank, and Mastercard have launched the first cryptocurrency card in Ukraine – weld card, which allows you to pay for goods and services with cryptocurrency wherever cashless payments are available.

What is weld cryptocurrency card?

The weld card product is a digital payment card based on Debit Mastercard®, which is linked to a cryptocurrency wallet on the Weld Money platform. The card can be added to Apple Pay, Google Pay and pay with cryptocurrency for goods and services without the need for the user to convert it into regular (fiat) currency. 

Cryptocurrency conversion is automatic: when paying with the weld card, the equivalent amount is deducted from the cryptocurrency balance of the Weld Money wallet. 

Currently, weld card allows you to pay with USDT stablecoin, but Weld Money continues to work on integrating other cryptocurrencies.

How is the payment made?

1. The weld card user puts a smartphone or smartwatch (with Apple Pay, Google Pay support) to the POS terminal or enters the card details when paying online on the store’s website.

2. The bank conducts a settlement transaction in UAH, and the equivalent of the UAH amount used by the client is debited from the user’s cryptocurrency balance on the Weld Money platform.

Thus, for the user, the process of payment with a weld cryptocurrency card does not differ from the usual non-cash payment, and no additional actions are required to pay with cryptocurrency.

The seller of the goods/service will not even know that the payment was made using cryptocurrency since the payment process is the same as with a bank card in hryvnia, and the seller will receive fiat money! 

By receiving a weld cryptocurrency card, you save yourself the unnecessary hassle and unnecessary steps: go to the exchange, sell cryptocurrency, withdraw money to the card, and wait for the money on the card. You just pay with your weld card, and Weld Money does the rest for you.

By the way, for the period of launching the card product, Weld Money set a 0% commission fee for any transactions with the card.

What transactions are available to weld card holders?

Weld card users can pay for goods and services in physical stores and online, as well as withdraw cash from ATMs that support contactless payment technology. At the same time, when paying for goods and services with a weld card, no additional fees are charged from the user.

How to get a weld cryptocurrency card?

The virtual card is issued online on the Weld Money platform. It uses modern technologies of verification and identification of clients, implemented by Unex Bank, in accordance with the current legislation of Ukraine, namely – the application Diia and Diia.Signature. 

The whole registration process consists of 4 simple steps:

  • Log in to the Weld Money web cabinet, register, and go through the standard KYC procedure and verification through the Diia application.
  • Fill out the Unex Bank questionnaire.
  • Connect API keys from your exchange wallet to the Weld Money system (already today, users of cryptocurrency exchanges WhiteBit and Huobi can pay with cryptocurrency directly from exchange wallets. Soon a similar opportunity will be implemented for Binance, EXMO, and KuCoin users) 
  • Add your weld card to Apple Pay or Google Pay.

You are done! From now on, you can make cryptocurrency payments for any goods and services.

The issuance of a digital card is completely free, and citizens of Ukraine over 21 years old can apply for a weld card.

The launch of the first cryptocurrency card in Ukraine is an important project not only for Unex Bank, but also for the whole country, as it opens a completely new stage in the development of fintech innovations in the country and consolidates Ukraine’s status as one of the critical European drivers of the latest financial technologies and services. This project was not easy for us. Not even because of the war, although it affected the timing of its implementation. The biggest challenge was to create a weld card using only existing legal structures. In the end, we managed to do it.

I said that Unex Bank is a fintech startup with a banking license, so the weld card is a significant event for us. Although this is not the first and not the only major project that we will launch in this challenging year,said Ivan Svitek, CEO of Unex Bank.

Today, consumers seek more freedom in how they use their money, and Mastercard’s task is to provide them with a wide range of multifunctional payment solutions. At the heart of such solutions, along with convenience and innovation, security invariably remains. Cryptocurrency payments are one of the most anticipated innovations in payments for Ukrainians, and according to a recent Mastercard SME Index study, one in ten SMEs in Ukraine already accepts cryptocurrency as payment for goods or services. I am confident that the launch of the first cryptocurrency card in Ukraine will open a new page in the development of the payment market with the further launch of crypto innovations in the industry“, – said Inga Andreeva, CEO of Mastercard in Ukraine and Moldova.

Get your own weld card here and start making daily crypto payments today.

Join the Weld Money community to keep up to date with all updates and news of the project.

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Weld Money admin
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