Coinbase, the leading bitcoin wallet and exchange service provider has included its latest product offering in the form of Shift bitcoin debit card. The new Shift bitcoin debit card is available for Coinbase users in over 24 US States. Coinbase, which has been on an expansion spree for a while now has now started creating bitcoin based products for its customers.
Unlike conventional bitcoin payments, these bitcoin debit cards offer more flexible payment options. By using bitcoin debit cards like Coinbase’s Shift, users can pay for goods and services using bitcoin over conventional PoS machines. The Shift debit card connects to user’s Coinbase account and can be used on any terminal that accepts Visa debit and credit cards. In addition, it can also be used for online payments across the world.
Coinbase announced the launch of its new Shift debit cards in a recent blog post. According to the post, eligible Coinbase users would have to convert their account to Shift and pay $10 worth in bitcoins as one-time processing fee. Once it is done, they will receive their Shift debit cards. Except for the one-time activation charges, these cards do not carry any transaction fees. However, Coinbase doesn’t offer any guarantees regarding transaction fees and it clearly mentions that they might start charging later on.
Coinbase has collaborated with Shift, which is an electronics payment solutions provider to offer these bitcoin powered cards. When someone makes payment over a PoS or on an online payment gateway using Shift bitcoin debit card, the payment will be processed in a way similar to that of conventional debit cards. However, instead of money being deduced from the bank account, an equivalent amount of bitcoin will be deducted from the cardholder’s Coinbase account. The merchant will be receiving the settlement in fiat currency itself.