UK-based fintech firm STICPAY has launched a new prepaid card that incorporates an established international network of global card schemes providing access to 177 countries.
STIC Card adds a further layer of convenience to its e-wallet service, which allows both merchants and end-users to transfer funds across borders. Specific spending limits are assigned to STIC Card, which also features different levels of fee structure for card usage.
STICPAY customers can also leverage the card to withdraw their funds at local ATMs or spend their balances directly from their accounts.
STICPAY does not restrict access to the STIC Card based on account activity and allows all e-wallet users to order the prepaid card from any country. But as a regulated financial entity, it requires the potential cardholder to pass the necessary Know Your Customer (KYC) verification.
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Crypto payments in regulatory focus
“By introducing the STIC Card, STICPAY can fulfill the rising demand for prepaid cards, especially in Asian countries, while providing a low-cost, fast, and convenient way for the users of our e-wallet service to spend their balances or withdraw their funds,” James Bay, Customer Service Director of STICPAY said.
Founded in 2018 and then acquired the Financial Conduct Authority e-money license, STICPAY offers a broad ecosystem that includes cross-border transfers, prepaid cards, reward programs on the platform.
The company also offers crypto payments in bitcoin, ethereum, and litecoin. But with the UK thrashing its crypto regulation into shape, some crypto providers had no choice but to cease operations while the consequences upon related partners will likely be wide-reaching.
A wave of new regulations is introducing stricter requirements for companies operating in the cryptocurrency industry, in particular measures stemming from EU’s Fifth Anti-Money Laundering Directive (AMLD5).
“We treat all our customers equally, that’s why we don’t restrict access to the STIC Card on the basis of account activity. Customers outside of the EEA region have been missing out on the prepaid card solutions of digital wallet services for a long time. We wanted to end this trend and introduced global access to the STIC Card that features lower account and ATM withdrawal fees than our direct competitors,” added James Bay.payment