The card is integrated with both Coinbase and Ripple accounts, letting pilot testers pay for goods and services via their existing virtual currencies accounts. The company also plans to integrate the Shift payment card with loyalty points programs and regular bank accounts in the future, the same source indicates.
The payments between fiat currencies, digital currencies, mobile minutes, loyalty miles, and more will happen using Ripple as a settlement protocol. With an accompanying mobile app, users can switch their funding sources on the fly, and track their transactions. The card works offline, online and internationally, thanks to the support of a major international card network.
Shift Payments is also working with an undisclosed payment processor to help it authorize the digital currency transactions. Similar to a traditional transaction which involves an authorization process and then a settlement at the end of the day, a user paying with bitcoin would have their transaction authorized with Shift’s assistance, and then at the end of the day, the money would be moved out of their Coinbase account.
Shift Payments was founded by Meg Nakamura, Eugene Otto, and Greg Kidd – a team with background in payments, telecom and regulation.
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