MEXC Introduces Crypto Visa Card With USDT Cashback and Apple Pay Integration

MEXC has introduced a Visa-powered Global Card that provides up to 10 percent cashback in USDT, while cryptocurrency card transactions have crossed $759 million (approximately Rs. 7,204 crore) in July this year, nearly 2.5 times that of last year, as per a report by crypto.news. The trading platform will not impose purchase fees from launch to September 30, and there are no issuance, annual, or top-up fees. Once the offer expires, purchase fees will begin at 1 percent, as per the fee structure provided by MEXC. Transactions will operate on the exchange rates of Visa, while MEXC noted that it does not add an extra exchange rate. Foreign exchange charges can still be levied for certain currencies under the Visa policy.

Cardholders Can Also Access MEXC Earn With No Lock-Up Period

As per the report, apart from its fee structure, MEXC has also made the Global Card eligible for a cashback reward program with rewards in USDT. Users receive cashback between 4 and 10 percent depending on their VVIP level and M-Score, which is calculated by the platform based on user activity like trading, Earn subscription, and other platform tasks. The Standard Level offers an interest rate of 4 percent, with a cap of 100 USDT for monthly payments, while the Premier level offers 6 percent with a cap of 300 USDT for monthly payments. The Elite Level offers 10 percent cashback capped at 800 USDT per month.

According to MEXC's document, the rates for users will be based on their VVIP level at the end of every month, while the cashback will be given on the 15th of the next month to the user's spot account. Reversed or refunded transactions will influence the total reward earned, while certain types of merchants may not be eligible to earn rewards. MEXC is additionally introducing its unique savings solution via MEXC Earn for its cardholders. Customers who subscribe eligible USDT to the platform will get a maximum of 7 percent annualised returns, as claimed by MEXC, and the committed funds are redeemable without a lock-up period.

This 7 percent rate is applied to USDT deposited in the Earn offer and is not automatically applicable to cash available for spending via the card. The Earn interest calculations at MEXC are done separately from the spending cashback calculations. According to MEXC CEO Vugar Usi, the card is an example of an initiative to expand MEXC's capabilities to include financial activities other than trading cryptocurrencies. 

“We want users to see digital assets not simply as an investment tool, but as part of a complete financial journey, from saving and yield-generating products to principal-protected solutions and, ultimately, everyday spending,” Usi said. Usi also added that this card helps its owners to store assets in a digital format until the time comes to use them for payments.

Similar to MEXC, in August, Western Union teamed up with Rain, an infrastructure platform for stablecoins, to introduce Stablecard, a digital wallet that includes a Visa card, which will allow people to store and spend a stablecoin pegged to the US dollar. Stablecard enables users to store, receive, transfer, and spend USDPT, a US dollar-backed stablecoin offered on the Solana network through Anchorage Digital Bank. The introduction of the product marks Western Union's move to increase its footprint in the international remittances market amid rising popularity of stablecoins.