CoinJar launches Australia’s first crypto-powered Mastercard

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August 05 2021
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Australia just got its first crypto-friendly prepaid Mastercard.

CoinJar launches Australia’s first crypto-powered Mastercard

CoinJar has announced the local launch of a prepaid Mastercard which promises to allow Aussies to pay with crypto in more places than ever before.

According to the company, “CoinJar Card allows you to use the cryptocurrency in your CoinJar to make purchases, wherever Mastercard is accepted.”

This means that, in addition to many online shopping sites, the card should work at most major Australian retailers from JB Hi-Fi to Woolworths to Australia Post.

“All you need to do is choose which crypto you want to spend, and it’ll be automatically converted to Australian dollars when you make a transaction – no need to preload,” CoinJar said.

In a post on their company blog, CoinJar confirmed that the card would be free to activate. While it doesn’t have any monthly fees, there is a 1 per cent transaction fee.

Although it does require a CoinJar account with crypto attached to it, the company said that users will earn rewards every time they use the card. It’ll even play nice with both Apple Pay and Google Pay.

CoinJar users can apply for the CoinJar Card via the app from today.

While adoption of cryptocurrencies as a method of payment by merchants has popped in and out of the headlines over the years and remains a contested topic among crypto enthusiasts, it’s easy to see the argument that the acceptance of cryptocurrencies within existing digital payment infrastructure is far more significant.

Even if the card itself is an Australian first, it’s not quite the first crypto-friendly card to hit the scene in recent years.

The move comes roughly 12 months after Mastercard announced it’d be looking to accelerate the number of crypto firms using their infrastructure through their Accelerate program.

“The cryptocurrency market continues to mature, and Mastercard is driving it forward, creating safe and secure experiences for consumers and businesses in today’s digital economy,” Raj Dhamodharan, Mastercard’s executive vice president for digital asset and blockchain products and partnerships, said at the time.

Since then, Mastercard has partnered with a number of crypto exchanges such as Wirex, Uphold, BitPay and LVL to launch crypto cards across the globe.

“Working with Mastercard’s pilot to turn digital assets into dollars for everyday spending will accelerate consumers’ use of crypto as a means of commerce,” predicted BitPay CEO Stephen Pair.

In February 2021, Mr Dhamodharan provided additional insight into Mastercard’s philosophy when it comes to cryptocurrencies.

According to him, “Mastercard isn’t here to recommend you start using cryptocurrencies. But we are here to enable customers, merchants and businesses to move digital value – traditional or crypto – however they want.”

“It should be your choice, it’s your money,” he said.

About the author

Fergus is a journalist for Momentum Media's nestegg and Smart Property Investment. He likes to write about money, markets, how innovation is changing the financial landscape and how younger consumers can achieve their goals in unpredictable times.

About the author

Fergus is a journalist for Momentum Media's nestegg and Smart Property Investment. He likes to write about money, markets, how innovation is changing the financial landscape and how younger consumers can achieve their goals in unpredictable times.

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