What is a crypto debit card? How people spend crypto with a card
By SendPay Business · · 2 min read
A crypto debit card lets you pay in shops and online using crypto you hold with the card provider. The shop never receives crypto: at the moment you pay, the provider sells some of your crypto and pays the shop in normal money through a card network such as Visa or Mastercard.
How a payment works
- You pay by card as normal, in person or online.
- The card provider sells enough of your chosen crypto to cover the amount.
- The shop is paid in its own currency through the card network.
- The sale of the crypto and the payment both appear in your app.
Fees to watch
Look for a conversion fee or spread on each payment, fees for spending in other currencies, ATM fees and any monthly charge. Cashback paid in crypto can look generous but rises and falls with the coin's price.
A UK tax point
In the UK, spending crypto counts as disposing of it for Capital Gains Tax. If the coin has risen in value since you bought it, each card payment can create a small gain that may need to be counted.
Where SendPay fits
SendPay platforms give your customers branded Visa cards and let them buy, sell and hold crypto in the same app, with assets held by regulated partners. Ask us how cards and crypto work together on your platform type before you launch.
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This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. PayPal, Patreon and Substack are named as reference points only and are not affiliated with SendPay Business.