After launching its Business Banking services earlier this month, Cashaa has announced the launch of its credit and debit card functionality to allow users to buy Bitcoin, Ethereum and CAS securely with Mastercard and Visa. The service is accessible on Personal and Business accounts all over the world except the USA.
“This functionality was regularly asked by our existing personal users from more than 109 countries,” Kumar Gaurav, CEO at Cashaa revealed. “There is no major wallet like Blockchain.info or Bitgo that are offering this service, while the ones who are offering it, are charging higher markup fees on Bitcoin.”
Gaurav thinks the introduction of the service will allow their wallet users to buy crypto as an e-commerce experience without paying high fees within their multi-sig wallet. Furthermore, there won’t be hidden or markup fees on Bitcoin price.
Existing industry average prices when buying through cards are about 9-12% which comprises the card processing fee, platform fee and most importantly, a markup on Bitcoin price. However, Cashaa’s card processing fee for European cards will be 4% while for non-EU cards, the cost will be 5%.
Gaurav explained the platform would also charge a service fee of 1.49%, which can be reduced to 0.75% for personal users and 0.40% for business users if paid in CAS tokens. Apart from the lower fees compared to existing services and transparent pricing, users can also enjoy higher limits up to 10,000 Euros for card payments.
Business, Banking And Fiat
As Cashaa’s focus is on business banking services, they are also working on an API and plugin solution for exchanges and other wallets which bank with them to enable them to sell crypto via debit or credit card to pass them the advantage of their cheaper fees.
For personal users, Cashaa currently has fiat wallets denominated in GBP and EURO, which users can fund in more than 200 currencies (ex. PHP, INR, SGD, SEK, EURO, GBP) around the world. Through the application, users can decide which wallet they want to fund, currencies other than EURO and GBP will be converted into EUR or GBP based on your selection during the deposit process.