Web3 users searching for a straightforward connection between fiat (currencies like the US Dollar and the Euro) and crypto don’t need to wait any longer. NearPay, the inaugural debit card and payments gadget in the NEAR ecosystem, presently connects fiat and the crypto world in a unified user experience.
Introduced in late 2021 by Switzerland-based Kikimora Labs, NearPay disclosed its debit card waitlist in early March. It originally aspired to allure 1,000 users to its waitlist but had over 18,000 in under a week.
How does the NearPay card operate?
It is a debit card available as both a tangible card and a mobile-based app. It provides numerous features for consumers, developers, and merchants to execute immediate transactions and payments using their preferred cryptocurrency, including NEAR.
“You will observe no distinction between crypto and fiat payments,” states the NearPay website. “Simple. Swift. Both directions.”
The card also allows users to monitor their expenses through the app and delivers top-notch security to safeguard accounts. While some specifics are still in progress, the card will endorse 3DSecure payment and is already protected through and verified by Visa. There will also be attributes such as spending constraints, with the comprehensive feature set becoming accessible by the conclusion of March or early April.
A smooth Web3 gateway
The team is convinced that the crypto debit card will be amid the simplest methods to immerse oneself in crypto, incorporating it seamlessly into everyday life.
Consumers can replenish their NearPay card balances and utilize them to make acquisitions instantaneously. “The cards will be NEAR-focused but support other cryptocurrencies as well,” says Ivan Ilin, Chief Operating Officer.
NearPay provides various tools to developers interested in utilizing the card for their applications and projects. To begin, NearPay provides a plug-and-play widget, straightforward documentation, webhooks and APIs, and a developer console.
“For developers, we offer a straightforward API with an SDK,” explains Ivan Ilin. “The integration is feasible with a website or a mobile application. We furnish a merchant dashboard where one can observe all the transaction statistics.”
Collaborations with NFT, DeFi Marketplaces, and more!
NearPay also assists in onboarding traditional businesses into the global Web3 ecosystem. The team established a payment gateway for merchants with no transaction or setup charges, enabling businesses to embrace crypto for all their products and services. A convenient dashboard enables businesses to view data on payments, invoices, and more.
“For businesses, we back two scenarios: fiat-to-crypto to a user’s wallet and fiat-to-crypto to a merchant’s wallet for a specific order,” Ilin elaborates. “We collaborate with NFT marketplaces, DeFi projects, and numerous others.”
Countries endorsing NearPay
The NearPay widget is currently encompassed in 56 countries and sustains 27 currencies. The team is presently working on incorporating more supported countries and currencies, along with reducing the transaction fee for users.
