Crypto finance and mobile banking firm Hi has linked up with Contis for the launch of a crypto debit card that allows consumers to use their digital assets.
The collaboration of the debit card, which can be used with over 60 merchants, enables Hi members to transfer any crypto assets in their accounts to be converted into fiat money at any point-of-sale.
In addition, the new debit card gives customers a ‘buy now, pay later’ (BNPL) option which helps in deciding when digital assets get converted.
“Thanks to Contis, we are delighted to be at the forefront of innovation in payments and look forward to rolling our cards out to eligible hi members, starting with Europe later this year,” stated Sean Rach, Co-founder of Hi.
Contis is a Bank as a Service (BaaS) which provides open banking technology to help its customers with online payments and accounts. Adding a crypto-based payment option helps BaaS’ such as Contis adapt to the ever-growing nature of cryptocurrencies.
This recent collaboration with Hi is one of many Contis has embarked on, having teamed up with Bitpanda last year on a multi-asset debit card.
Hi allows those eligible for its crypto debit card a personal Iban account, allowing them seamless on/off-ramp.
Rach concluded: “Our goal is to overcome one of the most significant challenges in the market today – making it simple and seamless for people to spend crypto.”
Payment Expert Analysis: The move by Contis and Hi underlines the growing potential of the digital currency, it’s a link well-positioned to further expand digital currency transactions into the mainstream – with card payments embracing a far wider demographic of consumers.