Modern-day teens receive news from video sharing websites and share thoughts on social networking platforms. According to a study, most of them have Smartphones and they spend more than 4 hours on them daily enjoying games, chatting with friends and doing other things that they like. They are a generation that can never get satisfied with analog items like paper money. They require digital money and for this to be possible, a cryptocurrency platform named Bitsa has started offering a debit card which is topped up with BCH (bitcoin cash) and other cryptos like ZEC, DASH, XRP, LTC, and BTC. Bitsa Young is the Visa however it is not connected to the traditional bank account. Instead, it gets ordered and loaded using a mobile application.
More information about the new cryptocurrency debit card for generation Z
The new contactless debit card that promises generation Z financial freedom has been created and launched by Bitsa SARL. Debit cards for this company are given through a Visa license by Pecunpay which is a Madrid headquartered electronic money body governed by the Finance and Economy Ministry of Spain. It runs under the Spain bank supervision and functions as per EU regulations. The services of Pecunpay are used by other platforms which are similar to it.
Teenagers (between fourteen and seventeen years) who live anywhere within the single Euro payment regions are the ones who are given Bitsa Young.
Debit card just like a credit card is used to make payments. It allows users to make safe purchases online easily but unlike a credit card, debit card draws money from the checking account. And the user does not borrow money: the money in a debit card belongs to the user. Users can even use it to access ATMs.
And for the Bitsa debit card even though not connected to a bank, the young customers may perform the following activities:
- Do transfers to Iban
- Exchange money within accounts under Bitsa
- Make withdrawals from ATMs.
Apart from cryptos, the prepaid debit card may get topped up using the normal bank debit cards, Bitsa debit cards or even the redeemable vouchers which can be bought with money.
Ho to acquire a Bitsa Young debit card
To acquire the debit card, the teenagers are supposed to download and install the mobile application for the platform. This application is there for both Android and iOS users at the Play Store.
After installing the app, they should create an account in order to apply for debit card online. Teenagers may select either a physical debit card or a virtual debit card. The virtual debit card is unpaid and the physical one costs 19.50 Euros. Recharging or support charges are not there however other debit card charges apply to some transactions. For instance, outside the Eurozone purchases get charged a commission of 1.5 percent.
The teenagers are supposed to request permission from their parents or guardians also from the debit card application in order to verify their identity. The identification items needed to pass the verification stage include:
And should there be any suspicions about an applicant’s identity, he/she might be required to present another item or a photo with an ID.
Registration for parents/guardians is as well needed. The moment a parent/guardian gets his/her child’s invitation, he/she must download a mobile application and open an account and request a regular Bitsa virtual debit card. After that, he or she will be able to accept the request of the child thus approving the child’s account. But also parents or guardians must pass the confirmation process as well and this requires uploading their identification documents.
The requirements for verifying identity
Bitsa account is opened on Bitsa application. Creating it does not cost any money- users only need to provide their private information such as:
- Mailing address
- Contact number
- Billing address
- Payment option
Also, the rules and regulations of Bitsa debit card state that in some instances, cryptocurrency companies can ask customers to show proof of location and additional confirmation documents. Such confirmations are meant to avoid financing illegal activities and theft. Fintech organizations are additionally supposed to adhere to Europe specifications like the EU’s 5th anti-money laundering rules.
Some cryptocurrency users that are highly receptive to debit card protection and safety, have revealed that companies that offer space and government services, go past what financial companies ask from customers. They ask the users to provide their working information for instance. This makes it hard to acquire and utilize their services.
But for Bitsa Young bitcoin debit card, the best thing is the amount of financial freedom guaranteed for the teenagers. Once their parents or guardians approve their application, they get full control over their Fintech application. They are able to add money to their Paypal debit card using cryptos.
This is what Bitsa Cryptocurrency Company is doing for the teenagers. Do you also feel that the new generation deserves this kind of technological services? Should the right to access new technologies be restricted a bit for our teenagers? What do you think about this Crypto Debit Card which Bitsa is offering them? Feel free to share your views with us.
Thomas Glare is a technology expert. He loves reading and writing about new technologies, especially cryptocurrency. He finds the idea of allowing young people access to crypto debit cards interesting.