Crypto wallet Zumo has launched a virtual card, through its partnership with digital payments platform Modulr, that will allow UK users to make purchases at any online retailer that accepts Visa.
The Zumo app converts Bitcoin or Ethereum to pounds sterling, or vice versa, and the new virtual Visa card will enable customers in the UK to spend their pounds.
CEO of Edinburgh-based Zumo Nick Jones said: “The launch of our virtual card will help to make people get comfortable with crypto. Our customers can now easily buy, hold and exchange cryptocurrency in the Zumo app, whilst spending cash using a Visa debit card.”
Later this year, Zumo said that it plans to release a physical convertible contactless debit card which customers will be able to use in shops or anywhere else that accepts Visa.
Zumo said that its partnership with Modulr, announced last year, has allowed it to develop a smooth cash-to-cryptocurrency payments system, with incorporated GBP functionality. Modulr provides the GBP payments infrastructure which Zumo uses to build and enhance its services.
Nick Adams, chief customer officer at Modulr, said: “We’re excited to work closely and collaboratively with Zumo to support their innovation and look forward to working with them to expand consumer choice in the marketplace with their Zumo virtual card.”
Zumo claimed it is the first non-custodial crypto wallet to offer users the ability to hold sterling in their wallet and then spend money with a Visa card.
Modulr is authorised and regulated by the Financial Conduct Authority as an electronic money institution and as such can issue sterling accounts with sort codes and account numbers. Modulr also holds and settles funds at the Bank of England as a participant of the Faster Payments and Bacs schemes.
Written by Georgie Lee, a junior financial journalist at Rhotic Media