Tangem Pay: Changing the Way We Pay with Stablecoins
Tangem Pay, a virtual Visa card that links directly to hardware wallets, is the latest innovation from cryptocurrency wallet provider Tangem. Users can spend their stablecoins at millions of merchants worldwide. The collaboration with Paera, a US payment infrastructure provider, has led to the development of this groundbreaking crypto payment solution, which will transform the relationship between crypto and traditional payment systems.
With Tangem Pay, you can deposit Circle’s USDC stablecoin on the Polygon network and use it wherever Visa is accepted. This includes Apple Pay and Google Pay, ensuring a fast and easy transaction experience.
Marcos Nunes, Tangem Pay’s CEO, says,
“We empower users to seamlessly spend cryptocurrencies in the real world, just like fiat.” After depositing into your Tangem Pay account, you can spend your deposits anywhere Visa is accepted, regardless of the local currency.
Tangem Pay Will Launch in 42 Countries
Tangem Pay will initially launch in 42 countries including Australia, Brazil, Japan, Singapore, the US, and others, with a full launch expected by late November. The service will gradually roll out to Europe by 2026.
According to Nunes, this is just the beginning. “We are already working to expand to more countries and add better incentives to make this card the daily spending card for our users.”
Also Read : Ottawa Set to Introduce Stablecoin Rules in Upcoming Federal Budget
Self-Management Meets Know Your Customer: A Blend of Crypto Payment
Unlike traditional custodial wallets, where a third party holds the funds with the user only having access, Tangem is about self-custody. Users are in full control of their crypto assets, embodying the be-your-own-bank philosophy and providing a real cold wallet solution. Despite the Tangem hardware wallet being fully self-custodial, KYC procedures will be performed on Tangem Pay users for activating their virtual Visa cards.
⚠️ Note: KYC only applies to the card balance, not the Tangem hardware wallet itself. According to Nunes, user data is never accessible to Tangem. Any regulatory actions for card disconnections are handled by their partner Rain — a stablecoin payment infrastructure provider.
Stablecoin Settlements and Western Union
In an alliance with Rain, Tangem Pay will launch with upcoming stablecoin payment developments. The payment infrastructure of Tangem Pay will be powered by Rain, which is joining the Digital Asset Network of Western Union. Bitcoin payments through this network are set to commence in 2024, with other new systems to follow, signaling growing trust in cryptocurrency payments.
