Zumo launches virtual Visa debit card
Zumo, the Edinburgh-based crypto wallet, has today announced the launch of its Zumo virtual card. This new product allows users in the UK to make purchases at any online retailer which accepts Visa.
Zumo is the first non-custodial crypto wallet to offer users the ability to hold GBP in their wallet to then spend with a Visa card.
The virtual card is the result of a partnership between Zumo and digital payments platform Modulr. Modulr provides the underlying GBP payments infrastructure upon which Zumo builds and enhances its services.
The partnership with Modulr was announced last year and allowed Zumo to develop a seamless cash-to-cryptocurrency payments system complete with GBP functionality.
Later this year, Zumo will also release a physical convertible contactless debit card which can be used at shops or any other place which accepts Visa.
The release of the card comes during a cryptocurrency boom and a worldwide societal shift towards online shopping. In the UK alone, online sales grew by 74% year-on-year in January 2021.
The Zumo app converts Bitcoin or Ether to pounds sterling – or vice versa – whilst the virtual Visa card lets clients in the UK spend their pounds. The Zumo wallet is non-custodial, which means that only customers have access to their private keys.
Speaking about this landmark moment for the brand, CEO Nick Jones said: “Today marks a huge step forward for us and our customers. The launch of our virtual card will help to make people get comfortable with crypto. Our customers can now easily buy, hold and exchange cryptocurrency in the Zumo app, whilst spending cash using a Visa debit card.
“We hope that the familiarity of a debit card will help to introduce new people to cryptocurrencies and help their ascent into the mainstream. Zumo’s Virtual Card bridges the old world of traditional money with the new world of smart money.
“Safe, simple and secure is the core of the brand’s purpose. Which is exactly what this new product is about.”
Nick Adams, Chief Customer Officer at Modulr said, “Modulr is proud to be the payments partner of choice for Zumo. We’re excited to work closely and collaboratively with Zumo to support their innovation and look forward to working with them to expand consumer choice in the marketplace with their Zumo virtual card.”
Modulr is authorised and regulated by the FCA as an Electronic Money Institution, and so can issue GBP accounts with dedicated account numbers and sort codes. As a direct participant of the Faster Payments and Bacs schemes, they hold and settle funds at the Bank of England, providing reliability and security for users.
About Zumo
Available for download on both iOS and Android app stores, Zumo is a secure and easy to use cryptocurrency wallet that allows anyone to buy, sell, store, send and spend both cryptocurrencies and traditional money.
Founded in Edinburgh in 2018 by entrepreneurs Nick Jones and Paul Roach, Zumo is a purpose-driven Fintech business with transparency, accessibility and financial inclusion at its core.
With 1.7 billion adults around the world unbanked and without access to modern financial services. Zumo brings the benefits of cryptocurrencies and blockchain to people everywhere.
Zumo supports WasteAid, is a member of CryptoUK and is a signatory of the UN Global Compact.
Zumo is a purpose-driven Fintech business with transparency, accessibility and financial inclusion at their core. It is inclusive, transparent, committed and adventurous. You can read more about the four values Zumo lives by on its Purpose page.
About Modulr
Modulr is the Payments as a Service API platform for digital businesses. It integrates into any product or system. Modulr’s new type of payment accounts are built for businesses that need a faster, easier and more reliable way to move money. Businesses can automate payment flows, embed payments into their platforms and build entirely new payment products and services themselves. All managed in real-time, 24/7 from one API.
Modulr’s API makes it easy for businesses to streamline existing services, launch new products and scale more efficiently. Modulr Finance Limited (FRN: 900699) is registered with the Financial Conduct Authority as an EMD Agent of Modulr FS Limited (FRN 900573). Modulr FS Limited is an Authorised Electronic Money Institution, regulated by the Financial Conduct Authority.
For further information – please visit www.modulrfinance.com