Plus   Neg

Polispay Cancels Its Crypto Debit Cards Outside Mexico


Mexico-based Polispay canceled its Mastercard cryptocurrency debit card for users abroad saying that its card provider violated Mastercard rules. The PolisPay MasterCard Prepaid Card is issued by Evertec México Servicios de Procesamiento SA de CV.

While Mastercard never gave permission to sell cards outside of Mexico, Polispay says they were not aware of this restriction.

"We had been guaranteed our provider had the faculties and required licensing to do so," the Mexican company said in a letter to its customers.

As a result, Polispay is currently unable to sell crypto debit cards outside the country, as Mastercard blocked the card provider from validating transactions from cards with a registered living address in other countries.

The company noted that the cards that were registered from other countries will not work any more.

This only affects the PolisPay Card system, while card-independent services such as "PolisPay MultiWallet" and "PolisPay Shift" will continue to work as normal.

PolisPay deposits, shifts and new/existing card orders will remain suspended until further announcement.

PolisPay promises its customers that all orders and cards outside Mexico will be refunded proportionally in BTC.

The PolisPay team said it is working on ways to restore the worldwide availability of the platform, and is searching for new card providers.

Customers in Mexico can use PolisPay Card for online shopping and at any brick and mortar retailer that accepts MasterCard debit cards. Cardholders can also withdraw cash at any MasterCard®-compatible ATM.

This development comes a day after a Spanish banking startup announced that it is launching a prepaid Visa debit card that allows users to spend cryptocurrencies in 19 eurozone nations.

2gether announced its European expansion after successfully testing it in Spain.

For comments and feedback contact: editorial@rttnews.com

Business News

Follow RTT