Bitpay, the world’s leading cryptocurrency payment service provider, announced that it will no longer offer European customers their previously available rechargeable cryptocurrency debit card service later this month. Currently, Bitpay and emails sent notifications to all European cardholders and reminded that all Wavepay payment card account services issued by Wave Crest may be affected.
Bitpay is phasing out European cardholder debit card service
About eight months ago, due to problems with the Wave Crest-Holdings bank itself, they had to close a large number of cryptocurrency debit card services. According to reports, Wave Crest’s card issuance license was taken back by the global payment giant Visa, which led to its need to stop its debit card business as soon as possible. As the bank’s related issues broke out, Bitpay, a cryptocurrency payment processing service provider, also announced that it would phase out the Bitpay card issued by Wave Crest and suspend related services.
Bitpay added:
“We are currently working on issues related to the Bitpay card issued by Wave Crest. During the next 30 days, we will close the user’s access to the Bitpay card service. If the user needs to store their own Bitpay card for any purpose. For transaction data, please export your trading data before the end of the Bitpay platform visit by Wednesday, October 31, 2018.”
The market needs more “encrypted debit” services or other related services that bypass traditional legal currency transactions
If the Bitpay card users in the European market have not switched services in the past six months, they now need to use other payment card service providers as soon as possible, otherwise they will not be able to handle cryptocurrency transactions. Currently, Bitpay users in the European market can use other cryptocurrencies to pay the issuer’s services, such as Revolut and Wirex, to meet the “cryptocurrency and debit” business service needs. In addition, there are some new cryptocurrency debit card service startups that have entered the field and they have plans to provide services to European customers.
In fact, debit cards that support cryptocurrency transactions provide a very convenient payment service for digital currency users, but the system is still limited to traditional financial networks. The current trading model requires the user to purchase the cryptocurrency using the legal currency in the debit card and then perform the encrypted transaction. In addition, if Bitpay users want to get their own transaction records because of taxation and other issues, it is very complicated to extract transaction data. According to the access guide disclosed by Bitpay, users need to download and extract a csv file using a comma as a separator, and then according to each field. Meaning to view your historical transaction data.
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