WCDC Card — The power of crypto in your palm
Digital money has revolutionized our lives. We hardly carry physical cash as our bank cards can be used for making payments of all kinds. The coming of cryptocurrencies has further transformed finance through their inherent advantages — immutable, and forgery-proof. Can the power of cryptocurrencies and a bank card be combined to create a crypto card that brings the best of both worlds in the palm of your hands? We, at WCDC, sure think so!
How “digital money” revolutionized finance
When John Biggins, a banker in Brooklyn created “Charg-It,” the world’s first bank card back in 1946, he inadvertently laid the foundation for a revolutionary way of payment. Later years saw this concept being bettered and today people hold multiple bank cards in their wallets.
Whenever we wish to make a purchase, we simply pull out a card which the payee swipes/inserts into a POS terminal. The payer’s bank account is debited with the appropriate amount, the card is kept back into the wallet and all’s well in the world!
How a “crypto card” transforms payment solutions further
The introduction of Bitcoin almost a decade ago has changed the world of finance. However, we have all been hearing crypto experts harping about how cryptocurrencies will one day replace traditional money. Sadly, we see no concrete steps being taken to bring that dream into reality.
The main obstacle in this path is that we cannot have an alternative payment system that does not integrate traditional finance. We cannot simply wipe out the centuries old institution with deep penetration. To build a payment system powered by crypto, we need an ecosystem that brings the best of both worlds to the table.
Crypto cards could become a solution. If crypto payments are made simpler and are accepted by enough merchants, mass adoption will become easy. That is what crypto cards can do.
Crypto cards are currently floating in the market. TenX, for example, is the first of this kind and the one with the largest market cap. Monaco, the second most popular card, integrates a Visa-branded payment processor. There are monthly spending limits and fees depending upon your expenses. You also need to hold some amount of Monaco tokens according to the type of card you possess. Then, there are other cards like Wirex, CryptoPay, Uquid, with all of them having their own card fees, spending limits and reward programs. These cards have played a vital role in the mass adoption of cryptocurrencies. However, the user base of these cards is still limited.
Why the WCDC card and payment solution is different?
We believe that the WCDC card will help address many of the problems of current crypto cards. The WCDC e-Platform, the core of the WCDC ecosystem, will combine with the traditional financial institution network to provide a hassle-free and seamless payment experience to users globally. The WCDC card will integrate e-wallet technology for compatibility between fiat and crypto money.
Advanced security measures make the WCDC card one of the safest and most secure. The card users will also participate in a loyalty program that will offer them plenty of opportunities to redeem their rewards.
Unlike other crypto cards, the WCDC card does not work in silos. It creates a borderless system that also integrates reputed financial institutions to blur the boundaries between fiat and crypto. It enables both online and offline financial transactions. By integrating the WCDC e-Platform, the card will provide various functions like electronic money, secure wallet, smart contracts, payment settlement and digital ID support.
The WCDC card brings a realistic solution to the crypto spending problem by networking with financial institutions and combining the power of the traditional system with the advantages of cryptocurrencies.
Towards a “crypto” future
At WCDC, we are developing a financial ecosystem that aims to harness the full potential of crypto while tackling the challenges of the current financial system. We seek to integrate a crypto-powered platform with traditional money to give users an unparalleled experience of using a medium of exchange.
