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August 13, 2014

New debit card to bridge the gap between virtual and real currency

The card is expected to work online and offline, and can be used for international payment.

By CBR Staff Writer

Shift Payment, a start up dedicated towards integrating virtual and real currencies, is testing a debit card that will enable users to pay in bitcoin and ripple, while in future it will allow transaction through real money.

The company aims to bridge the gap between virtual and real currency with the debit card, by allowing transaction through regular money and loyalty points.

Shift debit card will be accompanied by a mobile app that will facilitate switching between the payment sources as well as track the transactions.

The company is reportedly working on another payment processor to help it authorise the digital currency transactions with Shift’s assistance for the money to be moved from the account.

Shift Payment co-founder Meg Nakamura told Tech Crunch: "We learned very quickly that no bank here in the U.S. is willing to take that leap and actually support something like this. They were just too nervous and no one was willing to take that reputational risk."

"US banks are engaged and excited about the technology and its potential. They’re watching regulatory direction closely."

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