eToro Starts Offering Visa Debit Card in the UK
The company has plans to expand the new program beyond the United Kingdom.
Israel-headquartered investment platform, eToro announced on Thursday the launch of its eToro Money program in the United Kingdom that includes the distribution of a VISA debit card to users.
Under the new program, the broker is enabling instant deposit and withdrawal funds for the users of its investment accounts. Additionally, they can store and manage fiat and cryptocurrency funds in a single account.
“Im proud and excited that eToro Money is now available to all of our UK users,” Doron Rosenblum, Vice President of Business Solutions at eToro, said in a statement.
Only in the UK
The eToro Money VISA debit card will be distributed to all UK members of the eToros Club program without any additional or recurring monthly charges.
The new services did not come as a surprise as eToro already revealed its intentions to offer a debit card last year after the acquisition of Marq Millions Ltd. eToro Money is a Principal Member of Visa and is offering the new service with a license obtained from the UKs Financial Conduct Authority (FCA).
Though the debit card is now only available to customers in the United Kingdom, the company has plans to expand the program in other countries as well.
“We know from our beta testing that eToro Money greatly improves our user experience providing instant cash-in and cash-out. We look forward to adding more features to the eToro offering and to expanding the user base beyond the UK,” Rosenblum added.
Meanwhile, eToro is in the process of merging with an American blank-check company to publicly list its shares on a US-based stock exchange.
Other eToro rivals are jumping into the payments business to expand their offerings. Hamburg-based NAGA, which is popular for social trading services, launched a payments platform last month and is offering a Visa debit card too.
