A new project, LemoCard, has entered the crypto-financial services market, offering users a multi-card service for payments using cryptocurrencies and fiat currencies, the project’s organizers told Open4Business.
The project was created by Swiss and Canadian companies as an alternative to traditional banking amid the implementation of new European MiCA regulations for the crypto market.
The service allows users to top up their balance with cryptocurrency, after which the funds are automatically converted into fiat currency for payments. Thus, customers can use digital assets for everyday payments, paying in retail chains with regular euros or hryvnias.
The platform operates 24/7. It also offers round-the-clock customer support in five languages.
You can set up a virtual account in just a few minutes via Telegram, the official web version of the service, or the mobile apps for iOS and Android.
To fully use the wallet, users must complete the standard KYC identity verification process. This is a mandatory step for financial services that handle payment cards and cryptocurrency transactions.
Currently, the service offers two Mastercard cards in euros. LemoCard also supports direct SEPA transfers between European accounts within the system. The developers plan to add Visa cards in US dollars in the near future.
One of the service’s drawbacks is the 2.5% fee for topping up the card with cryptocurrency converted to euros. The project claims that competitors often offset lower fees with hidden charges.
LemoCard is compatible with Apple Pay and Google Pay, allowing users to make contactless payments with the cards. Additionally, users can request a physical card to be mailed to them.
The service also features an affiliate program with a two-tier reward system. Users can earn 0.25% of the financial turnover generated by their referrals and the users they invite.
The launch of LemoCard demonstrates that the market for crypto cards and crypto financial services continues to evolve, despite increased regulation in Europe. For users, such products provide a way to link cryptocurrency assets to the familiar payment infrastructure of Mastercard and Visa.
