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On January the 5th, VISA, one of the largest payment processor and card issuer, has ended its partnership with WaveCrest. As we explained in another article, Wave Crest Holdings, Ltd is a global provider of payment solutions for a wide variety of industries and geographies. It helped VISA to distribute its card to several locations.

BitPay, is a payment processing company that offers Bitcoin VISA Debit Cards to its customers. Now, the company has released a statement after VISA’s decision regarding WaveCrest. The statement released informs how the change affects European cardholders, what happened to the balances and how the BitPay Card will work in the future.

VISA Debit Card

BitPay Statement

BitPay has decided to send a statement to all the affected BitPay cardholders in order to explain VISA’s decision. Certainly, it will affect several BitPay card holders that were using the card as a means of payment.  According to the company, Wave Crest was not able to provide BitPay with the necessary time to prepare for this change.

BitPay explained how this change affects cardholders:

“Wave Crest has complied with VISA’s directions and has immediately deactivated Wave Crest issued BitPay Cards. Cardholders can no longer use cards for further payments or withdrawals. They can continue to log in to the BitPay Card dashboard for access to payment history, load history, and other important information.”

According to BitPay, cardholders will receive the refunds for ending card balances. It may take a longer time than expected, but the funds will be given back. The company has clarified that they are working with Wave Crest in order to return the balances to the cardholders as soon as possible.

BitPay’s Debit Cards Future

At the moment, man European citizens are using BitPay’s debit card for daily transactions. That means that the situation regarding VISA and its decision will affect them. BitPay is working with other issuers so as to serve European customers and beyond. Users in the United States can still use the card without any problem.

European customers will be able to request a free bitcoin debit card once the BitPay Card is again available in their respective countries.

Alternative Cryptocurrency Debit Cards

There are other companies that offer Cryptocurrency debit cards. Coinsbank offers Visa and Mastercard debit cards including Bitcoin, Litecoin, Dollars, Euros and other fiat currencies. The conversions are done with real time rates. This company has been affected by Visa’s decision and they are working in order to provide a solution.

Xapo is another cryptocurrency debit card issuer that works with Visa. At the moment, this company has not yet explained whether they services are affected or not.

Image Courtesy of Pixabay

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