Bitbank and EPOS Issue Japan’s First Crypto Visa Card

Bitbank and EPOS Card launched the EPOS CRYPTO Card for Bitbank, which the companies describe as Japan’s first Visa credit card that allows monthly installment payments to be settled with bitcoin held on an exchange. The card can be used anywhere Visa is accepted.

Cardholders can opt to have monthly installment amounts deducted from bitcoin balances in their Bitbank accounts. Bitbank will calculate the exchange rate at the time each installment is due and convert BTC to yen to cover the payment. Only bitcoin (BTC) will be accepted for those automatic installment deductions.

The card carries a ¥2,000 new-member bonus and a 0.5% reward rate on purchases. Rewards are distributed monthly and deposited into users’ Bitbank crypto balances in three assets: bitcoin, ether and astar. The companies said they plan to expand the list of supported cryptocurrencies over time.

EPOS Card handles merchant acceptance and transaction processing while Bitbank manages customers’ crypto balances and the conversion for installment payments. The partners said the card lets customers keep crypto holdings in place until a payment is required, at which point the exchange converts the required amount.

Seetan Kitney, president and CEO of Visa Worldwide Japan, commented: “We are pleased that this marks another important step in connecting cryptocurrencies with the everyday payment experience. We hope that new options such as payments and rewards using cryptocurrencies will become more accessible to more people. Visa will continue to work with issuers and other members of the ecosystem to promote innovation and expand access to financial services by providing a payment infrastructure that prioritizes reliability and security.”

Bitbank and EPOS stated in a joint release that they will continue developing crypto-related services and expanding the number of digital assets supported for rewards and payments.