American fintech company ZELF has introduced an anonymous Visa debit card that can be usedat any of Visa’s 80 million locations worldwide.
ZELF’s latest initiative will allow users to open up a U.S. dollar checking account with only their name, email and phone number, sparing them from having to provide documentation such as a social security number and proof of address. According to the fintech company, prospective clients can open a checking account and have an anonymous virtual debit card, which works with Apple Pay and Google Pay, within 30 seconds.
Holders of the Visa debit card will have the option of funding their accounts through traditional electronic payments, money and wire transfers, or crypto payments. For now, users can make deposits into their checking accounts and debit cards in USD Coin (USDC), Tether (USDT) and Ether (ETH). The company said it plans to add 20 more popular tokens to its catalog by the end of the year.
ZELF’s collaboration with Visa aims to prioritize privacy and security for users when it comes to transacting with crypto.
Elliot Goykhman, founder and CEO of ZELF, said reducing verification requirements will attract more customers and help the global unbanked population gain access to financial services.
Related: Visa terminates debit card program with FTX
Despite being in a bear market, there’s been growth in the adoption of crypto payments methods, ranging from crypto cards and crypto gift cards to crypto food delivery portals.
Visa appears to be playing a critical role when it comes to crypto adoption and increasing crypto use cases. In October, Visa filed trademark applications that suggest the company plans on expanding its footprint within the crypto ecosystem. Its trademark applications reveal the company’s intention to manage digital, virtual and cryptocurrency transactions, as well as nonfungible tokens and virtual goods.
On Oct. 27, Cointelegraph reported that Visa had partnered with Blockchain.com to offer crypto debit cards with no sign-up or annual fees and no transaction fees, while allowing users to earn 1% on all purchases back in crypto.