Author: Weilin, PANews

The market for cryptocurrency payment products and payment cards (U Cards) is becoming increasingly rich. With the recent launch of new products such as OKX Pay, Infini Card, and Solayer Emerald Card, along with previous offerings like Bybit Card, Crypto.Com Visa Card, Morph Card, SafePal Mastercard, and Coinbase Card, discussions around cryptocurrency payment cards are heating up again.

Cryptocurrency payment cards allow users to directly use cryptocurrencies (such as Bitcoin and Ethereum) for everyday purchases, similar to traditional debit or credit cards. They enable instant conversion of cryptocurrencies into fiat currencies (such as USD or EUR), eliminating the technical barriers for merchants to accept cryptocurrencies while reducing the complexity of using cryptocurrencies (such as managing private keys or exchanges). Some Web3 payment cards integrate social features, such as sending cryptocurrencies as red envelope gifts through messaging. In the future, Web3 payment cards may also integrate with more DeFi protocols, granting users greater financial freedom.

In this article, PANews reviews several popular Web3 payment products and payment cards, focusing on their payment functions and reward mechanisms. This information is primarily sourced from official websites, social media platforms, and publicly released content from project leaders.

OKX Pay

On April 28, OKX officially launched the first version of OKX Pay, a payment application that integrates non-custodial and compliant features, embedded within the OKX App. This product was developed internally over 8-9 months and has undergone 4 internal iterations. Currently, it supports peer-to-peer payments and will collaborate with Mastercard to launch the OKX Card in the future. OKX Pay currently offers a 5% yield on stablecoins for a limited time and will integrate more on-chain yield protocols and host more events in the future.

OKX Pay also integrates social features, such as a built-in messaging function for communication with others and sending cryptocurrencies as personalized gifts.

According to official information, OKX Pay easily achieves non-custodial payments, providing a smooth user experience similar to Web2 applications in the Web3 payment space. OKX Pay employs a private key sharding management method, splitting the private key into two parts: one half is stored in the user's Passkey, while the other half is stored by OKX. OKX Pay will focus on stablecoin payments, initially supporting USDT and USDC, with plans to gradually integrate more stablecoins. The core of OKX Pay is to provide a non-custodial experience without requiring users to manage private keys themselves—this has been a significant barrier preventing many from participating in the cryptocurrency space. In terms of compliance, OKX Pay ensures user and asset security through mechanisms such as real-name authentication (KYC), anti-money laundering (AML), and multi-signature (Multisig).

Bybit Card

The Bybit Card is a Mastercard cryptocurrency debit card that allows users to easily and quickly access cryptocurrency funds and use them anytime, anywhere. It supports both virtual and physical cards and is currently available to users in the EEA (European Economic Area), CH (Switzerland), AIFC (Astana International Financial Centre), Australia, Brazil, and Argentina.

The foreign exchange conversion fee for transactions is 1% (based on Mastercard's exchange rate), and the cryptocurrency conversion fee is 0.9% (based on spot trading fees), with no annual fee.

Users can choose to pay with either cryptocurrency or fiat currency balances. Supported fiat currencies include: USD; supported cryptocurrencies include: BTC, ETH, XRP, TON, USDT, USDC, MNT, and BNB.

With this debit card, users can instantly use earnings from all Bybit trading products to pay for shopping expenses. At the time of purchase, users can enjoy 2-10% cashback (through points), depending on their Bybit VIP level. By enabling "auto-investing," card balances can earn up to 8% annualized yield without needing to transfer funds between accounts.

According to official information, over 90 million merchants currently support the use of the Bybit cryptocurrency debit card. The Bybit cryptocurrency debit card supports EMV 3D Secure, an advanced anti-fraud technology that authenticates consumer identity during online payments.

Crypto.com Visa Card

The Crypto.com Visa Card is a prepaid card, similar to a debit card, that requires funding. Users can fund the card via bank transfers or other credit cards or cryptocurrency wallets.

When opening the card, the Midnight Blue Crypto.com Visa Card can be used without requiring CRO staking or CRO Lockup. If users wish to apply for the Ruby Steel, Royal Indigo, Jade Green, Frosted Rose Gold, Icy White, and Obsidian Crypto.com Visa Cards, they must lock CRO for up to 365 days.

The Crypto.com Visa Card has no annual fee, and users can earn 1-5% cashback in CRO (Crypto.com's native token) when spending, with higher tiers offering greater cashback percentages.

All cashback from payment cards is paid in CRO and deposited into the user's cryptocurrency wallet in the Crypto.com App. Each eligible transaction will immediately generate CRO cashback. Cashback for spending on Spotify and Netflix for Royal Indigo, Jade Green, and Ruby Steel cardholders will expire six months after the card is activated.

In terms of fees, any amount exceeding the monthly free ATM withdrawal limit incurs a 2% fee, while debit card top-ups incur a 1% fee, and credit card top-ups incur a 2.99% fee. The first order of the Midnight Blue Crypto.com Visa Card requires a payment of $4.99; for Midnight Blue, Ruby Steel, Royal Indigo, and Jade Green Cards, all non-USD purchases and ATM withdrawals incur a 3% fee.

Infini Card

Infini Card is a prepaid debit card provided by Infini, designed to offer users a transparent, low-cost solution. With the Infini Card, users can transact directly with their stablecoins at millions of merchants worldwide.

The Infini Card has no annual or monthly fees. The Infini account balance automatically earns yield. It supports payments to global online and offline merchants. The card can be added to Apple Pay, Google Pay, and Alipay.

The Infini Lite Card (Meow) is a low-fee virtual card that belongs to the Mastercard network, suitable for everyday expenses. It can be used on multiple platforms such as Uber, WeChat, and Alipay.

The Infini Tech Card (Rabbit) is a virtual card designed for subscription payments, belonging to the Visa network, with a focus on USD merchants. It supports X, ChatGPT, OpenAI, and developer tools. Fees for non-US merchants or non-USD transactions are a fixed 1% plus $0.50, with a minimum fee threshold of $0.01.

The activation fee for both types of cards is $9.9, with no annual or monthly fees. In terms of commission fees, all cards incur a service fee of 0.8% per transaction, with corresponding fees for currency exchange for non-USD currencies.

A third type of card, the Infini Global Card (Woof), which can be added to Apple Pay and Google Pay, and a physical card can be applied for, is set to launch soon.

Morph Black Card and Platinum Card

According to the official website, the Morph Black Card is a symbol of identity for cryptocurrency users, offering high-yield asset strategies, unlimited withdrawal options, low conversion fees, and traditional banking services, as well as benefits from the Morph ecosystem, including token airdrops and event participation rights. An exclusive high-yield DeFi vault designed for Black Card holders allows users to enjoy asset yields of up to 30%. Converting cryptocurrency to cash incurs fees as low as 0.3%. Supports $1M USDT withdrawals. Access is by invitation or whitelist, requiring NFT minting.

In contrast to the Black Card, which targets high-net-worth users and "whales," the Morph Platinum Card is aimed at a more general audience. DeFi yields serve as the base yield, and the Platinum Card also requires the minting of a corresponding NFT.

According to official information, holders of Morph cards can enjoy various exclusive rights within the ecosystem and future airdrop rights.

Solayer Emerald Card

The Solayer Emerald Card integrates real-world spending, on-chain rewards, and fully decentralized finance, and is a Visa-compatible payment card. It is open to over 40,000 users and fully supports Apple Pay, Google Pay, and the Visa global network.

According to official information, using USDC for spending like cash allows users to earn on-chain rewards and experience the real-world practicality of cryptocurrencies. Users can withdraw local cash from ATMs worldwide. Depositing USDC allows for immediate spending or the option to choose sUSD—a stablecoin backed by government bonds, with an annual yield of 4-5%. Users can mint/redeem sUSD instantly (no lock-up period, no minimum limit), and the payment card is non-custodial, aiming for seamless switching between spending and saving.

The Emerald Card is built on Solayer's InfiniSVM, a hardware-accelerated Solana virtual machine (SVM) that provides Visa-level throughput while achieving true on-chain execution.

Currently, the invitation-based waiting list for the card is open, and the service has been made available to 40,000 users from the Genesis airdrop and community sale. Activation fees: Pre-order: $75; Genesis airdrop: $10; Community sale: Free. If users want to skip the wait, they can spend $1,000 to unlock a referral invitation.

Notably, in this marketing campaign, Solayer has also directly played on the theme of Empress Dowager Cixi's love for collecting jade, achieving a marketing "breakout."

SafePal Mastercard

SafePal's cryptocurrency payment card is a Mastercard launched in collaboration with Swiss Web3 bank Fiat24, aimed at providing users with convenient cryptocurrency spending and fiat conversion services. This Mastercard supports direct recharging with the stablecoin USDC (Arbitrum) and can be used for daily spending in offline/online scenarios by linking to Alipay and WeChat, as well as for subscription services on popular overseas platforms like Twitter and Telegram. There are no card opening fees, management fees, or annual/monthly fees.

This card supports four currencies: USD, RMB, EUR, and CHF, allowing users to open USD/RMB/EUR/CHF accounts and recharge funds, with no currency exchange fees for spending these currencies. The recharge rate for the SafePal Mastercard is 0.6%-1%, while the currency exchange fee of 1% can be avoided by opening USD/RMB/EUR/CHF accounts and spending the corresponding currencies; for example, using the RMB account for domestic spending and the USD account for GPT and Twitter memberships to avoid the 1% exchange fee. The transaction limit for SafePal bank accounts (remittance, currency exchange, spending) in domestic regions is $100,000 per month.

Coinbase Card

The Coinbase Card is a debit card issued by Pathward, N.A., based on the Visa network, available only to users in the U.S. outside of Hawaii. It allows users to spend cryptocurrency or USD globally. Card fees are settled based on real-time exchange rates.

It supports cash and cryptocurrencies such as BTC, DAI, ETH, DOGE, XLM, ALGO, AMP, and RLY. Coinbase automatically converts all cryptocurrencies to USD for shopping and ATM withdrawals. U.S. users can quickly accumulate cryptocurrency rewards through everyday spending.

Public evaluations show that converting cryptocurrency to USD to complete transactions incurs a fee of 2.49% (unless users use USDC as the payment method).

Coinbase allows cardholders to choose from various cryptocurrencies, each corresponding to a specific reward percentage. Here are some past examples of reward rates: Cosmos: 14.04%, Ethereum: 2.09%, Polkadot: 10.2%, Solana: 6.51%. The rewards and rates for the Coinbase Card operate on a rotation mechanism, with new options available each month while others expire.

MetaMask to Launch Payment Card

The MetaMask wallet is set to launch its own payment card in collaboration with Mastercard. On April 29, fintech companies CompoSecure and Baanx partnered with MetaMask to introduce the "MetaMask Metal Card," which is planned for a global launch in the second quarter. This card allows users to make payments directly from their MetaMask self-custody wallet without needing to pre-fund or convert fiat through a centralized exchange, with all transactions authorized within 5 seconds via smart contracts. Users must store their cryptocurrencies on the Linea network.

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