Crypto investors no longer just want to build their assets virtually, but want to be able to cash in on their investments and spend the money they have earned. That is why crypto cards and apps, such as XRPayNet, are becoming increasingly popular.
Some people, however, will still be sceptical about the security of using these crypto debit and credit cards. They need not be concerned though, as crypto remains one of the safest forms of currencies, whether you buy it, collect it or spend it.
Here are just some of the security features of XRPayNet that are encouraging more and more investors to sign up to the card or app.
Reliable
Nobody wants to get excited about a new credit card only for it to be rejected at the first place they use it. This is unlikely to happen with XRPayNet though, as it has been functioning for years without a glitch.
At the same time, retailers, restaurants and other businesses do not have to accept crypto currencies for you to be able to use a crypto card. The way it works is that they receive their money in their fiat currency, even if you pay in crypto as it is converted during the transaction.
This means it lets you spend in places that do not accept crypto yet. At the same time, users can take their card anywhere in the world with them, as their virtual currency is simply converted into the fiat currency of the country they are in. Therefore, they do not have to worry about taking money out in advance or exchange rates.
XRPayNet cards, therefore, allows crypto to be converted quickly and securely for cross-border payments, taking the worry about sending money abroad or taking large sums in cash.
Constant fraud monitoring
Another good thing about having the money digitised is that transactions can be constantly monitored.
XRPayNet has 24-hour fraud monitoring, so any suspicious activity on the app or card will be picked up straight away.
As all payments are made on the card or app, every incoming or outgoing can be checked by experts.
Authentication
To make the process of spending on a crypto card or app even more secure, most have two-factor authentication or Know Your Customer (KYC) authentication.
The former requires the user to authenticate their identity through two different means, such as a one-time passcode via text message, an iris scan, a fingerprint, or a username/password verification.
KYC authentication instead works by requiring card holders to prove their identity when they open the account, as well as periodically over time. By making sure the customer really is who they claim to be, this reduces incidences of financial fraud.
This type of verification can include face authentication, ID cards, biometric hecks, proof of address, checking financial activities, ascertaining their risk, and looking at politically exposed person (PEP) lists to see if the card user appears there and, therefore, might be suspect.
Encryption
Secure cards will also have a 256-bit encryption, which makes it extremely difficult for a hacker to break into and access the data.
In order to interpret the code, they would need to determine two to the power of 256 combinations, which even the best computers in the world would find almost impossible.
256-bit encryption, therefore, is one of the safest standards when it comes to data security, so customers can be confident their financial information, including their crypto currency, will remain protected on the card or app.
Future-proof
Thanks to the ease of using a crypto card, low-transaction costs, high performance, and the fact it is 100 per cent interest free, more and more crypto investors are turning to their digital currency when it comes to spending these days.
It is also sustainable, using less energy than Bitcoin and Ethereum, which makes it even more appealing to conscientious customers. Its rapid transactions and zero carbon output, becoming the first carbon-neutral blockchain, make it easy to see why $2.5 billion was spent on pre-paid cards during the quarter between 2021 and 2022.
While price volatility with crypto might put some investors off, others will see they could get things at bargain prices if they are conscious about their spending as they are about their investing.
This is why crypto cards and apps are the future, particularly in this international age, so getting on board with them now will speed up their adoption and make them even easier and safer to use.