Paying with credit card
Bitcoins and other cryptos are becoming increasingly popular with users. But in everyday life you can usually not pay with it. A startup company from Singapore wants to change this now.
TenX wants to ensure that owners of digital currency can also pay in cafes, restaurants and shops. This is to enable the Visa credit card of the startup company.
In this way you can pay with internet money in everyday life
TenX has developed an app that serves as a wallet, a kind of digital wallet, and is connected to a Visa card. If a user now pays for example in a shop, his crypto account is debited and the trader gets the amount in local currency - e.g. Euro, yen or US dollar.
At the same time, the crypto money is instantly converted into book money and forwarded to visas. Ten per cent of the transaction value is retained for this purpose. For the users only the conversion fees of the exchange exchanges fall, which are as a rule 0,15 to 0,20 per cent.
Such payments are initially limited to 2,000 US dollars per year. However, users can apply for an increase in this limit if they verify their identity.
Currently the TenX card can be used to pay with eight cryptos, including the lesser known Dash and Augur. By the end of the year the number is to grow to eleven different cyclic currencies.
Competition should not be long in coming
TenX is currently processing around $ 100,000 per month. By the end of 2018, however, the payment service provider hopes for a significant increase to a monthly US $ 100 million with a million users.
According to Bloomberg, analysts are enthusiastic about the concept of the start-up, but also expect that the company will soon get strong competition. However, his advantage over time is ten times. Ultimately, the success depends on whether the expectations of the customers are met.