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Issue a credit card with Portal
Offer customers the opportunity to spend PayPal USD (PYUSD) from your non-custodial wallet across the Americas
October 24, 2023
Portal is thrilled to announce a groundbreaking partnership that's set to revolutionize the blockchain industry. Portal, an embedded blockchain infrastructure company, has joined forces with Rain, known as the financial stack for crypto-native teams, and Paypal, the preeminent money transfer service, to offer customers the ability to spend PayPal USD (PYUSD) from their Portal wallet anywhere via a credit card. We’ve officially launched the waitlist for early partners to start issuing credit cards on top of the Portal Platform.
The Credit Card by Portal is designed to give users unprecedented flexibility and convenience for spending their assets, all while retaining full control of their funds. The best of both financial worlds is now a reality.
Why offer credit cards
We believe that a self-custodial wallet shouldn’t just limit users' ability to spend their crypto across the Web3 ecosystem but also transcend to their everyday lives. Today, non-custodial wallets serve very specific use cases around wealth building and discretionary spending across NFTs, gaming, and DeFi. A credit card allows our users to re-think how they approach self-custodial wallets by not only being focused on wealth building but also leveraging their wealth to spend directly in the real world, whether that is for paying for bills, a cup of coffee, or a vacation with their family. We imagine self-custodial infrastructure to become a passport into our daily lives, and an added credit card will widen the capabilities of what users are able to do.
Cutting-edge features for the benefit of businesses and their customers
The Credit Card by Portal offers an array of powerful features that will benefit both businesses and their customers.
- Credit cards issued without the burden of regulation and heavy crypto operations
- KYC compliance made easy: Portal & Rain handles the cumbersome KYC (Know Your Customer) compliance requirements, streamlining the onboarding process and ensuring regulatory compliance.
- No licensing needed: Each credit card is issued by Rain, a licensed issuer.
- Automated accounting: Simplified accounting for crypto transactions means no more tedious manual processes.
- Issue your own co-branded card on top of a multi-chain non-custodial wallet
- Non-custodial security: Users remain in control of their own wallet
- Co-branding: Businesses have the option to customize their credit cards by adding their logo.
- Multi-chain support: The credit card supports most major blockchain networks, giving people the flexibility to use their favorite cryptocurrencies.
- Accepted throughout the US and LATAM: Users can spend PYUSD in their wallets to make purchases across the Americas. PYUSD is a Paxos-issued stablecoin that is backed 1:1 by USD reserves that are available for redemption on-demand and subject to strict regulatory oversight by the New York Department of Financial Services
- Revenue generating
- Earn interchange revenue: Businesses can earn money based on the spending behavior of their customers.
- Convenient to use with core payment integrations
- Seamless Mobile Payments: Integration with ApplePay and GooglePay ensures you can make payments with ease using your mobile device.
- Bill pay and integrations: Pay your bills directly through your card and explore seamless integrations with various services.
- Create new loyalty and rewards programs by incentivizing users to earn while they spend.
A developer-friendly experience
Rain and Portal understand the importance of a seamless developer experience. Our partnership ensures that developers can easily integrate these powerful features into their applications and services. Plus, with KYC compliance taken care of, developers can focus on building without the regulatory headaches.
Get ready to experience Credit Card by Portal
Excited about what Rain and Portal can offer you or your business? Take the plunge into the future of blockchain-powered financial services and join the waitlist.