The business of encrypted virtual cards is undergoing a reshuffle. Following the news of the discontinuation of virtual cards by Onekey, Monolith, the pioneer of encrypted virtual cards, has recently announced that it will also cease operations. The service was officially launched in 2019, with 35,000 users and processing over $100 million in transactions. Another early player, Dupay, issued a notice stating that it is undergoing upstream bank compliance audits and has currently suspended its services. Almost all exchanges and wallet businesses are either engaging in or preparing to engage in virtual card services. The competition is fierce for the small-scale consumer-oriented payfi, and strict regulations can instantly strangle the business, or perhaps the poor user experience is due to audits leading to service suspension. Entrepreneurs might as well focus on the B-end, as the settlement volume of one enterprise can match that of ten thousand individual users. 🙈

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