E-Coin, the company that already offers plastic bitcoin debit cards, officially announced today the availability of its bitcoin “virtual” debit cards.
Customers of the company can now create an account at e-coin.io and receive a virtual Visa bitcoin debit card that apparently enables use of bitcoin online anywhere that Visa is accepted.
The virtual cards can be setup instantly and users can spend their bitcoins with their virtual card information straight away.
A usable international virtual debit card has always been more fiction than fact due to inconsistencies and friction within the global financial system. Thanks to the irreversible nature of Bitcoin transactions, E-Coin is able to offer this service to all new and existing users. Our virtual debit card users can choose to submit verification documents to raise their withdrawal and spending limits; however, it is not required.
E-Coin virtual cards can be used on third parties such as PayPal, and eventually ApplePay, according to the company. The bitcoin company is also planning to update their mobile app to allows users to take advantage of contactless point-of-sale payment systems.
E-Coin also offers physical debit cards in USD, GBP and EUR versions. Users also need to open an online E-Coin account and pay equivalent to $17 via credit card or bitcoin transfer to order the card. The plastic card is then promptly mailed to them. Once they receive the card, they need to activate it, verify their identity with passport and address proof, and load the card with bitcoin.
Bitcoins that are sent to E-Coin are secured by BitGo with multi-signature security and insured by XL Group.