Uphold rolls out virtual MasterCards for purchases with Bitcoin

This feature enables Uphold customers to spend their cryptocurrency on any online payment gateway that accepts payments through MasterCard credit and debit cards. The prepaid virtual card allows users to decide how much they want to spend. The limit will be set by the customer and once the card crosses the limit, the user will have to generate a new virtual MasterCard.

The virtual MasterCard will be available in US dollar denomination and the minimum balance required to generate a virtual card is USD 5 along with an additional 3% issuance fee. Users can create multiple cards and label them accordingly for better identification.

Upon generating a virtual card, cryptocurrency balance equivalent to the predetermined maximum limit will be locked for payments through the card. In case the balance remains unspent, it will be credited back to the wallet after the card’s expiry or cancellation.

The platform supports multiple cryptocurrencies including Bitcoin, Litecoin, Ethereum, and Voxel and is already known for its e-wallet service. The provision of virtual MasterCard on Uphold is expected to help people in both developed and developing nations to use Bitcoin for making online purchases.