Australiaâs CoinJar has announced pricing for its new âSwipeâ debit cards, which allow users to load and spend funds from their bitcoin balances at any business in Australiaâs widespread EFTPOS electronic debit network.
CoinJar, which launched the trial of its regional-first card product last week, is promising âno activation fees, no load fees, no conversion rates (subject to CoinJar Fair Rate policy), [and] no inactivity feesâ.
Users will still face some costs, however. Ordering the card initially costs AUD$29 ($26). Additionally, cash withdrawals from ATMs on Australiaâs âRedi-ATMâ network incur a AUD$2 ($1.78) fee, but users can withdraw cash for free if using the cards at either of the nationwide Coles or Woolworths supermarket chains.
CoinJar is waiving the $29 initial fee during the trial period.
âCoinJar will be absorbing these costs because we want our users to experience the power of bitcoin and spend it freely,â the company said.
CoinJar has published complete details of Swipe conditions on its blog. Users top up their debit card accounts from their CoinJar account dashboards by selecting the required balance in AUD, and then the exchange handles conversion from BTC.
There are two options for loading: manual or automatic. Manual loading enables users to choose a time and thus exchange rate most favorable to them.
With the automatic loading option, which aims for convenience, users set a minimum balance (in dollars) for the debit card account that, when reached, will trigger an automatic trade for a pre-set amount (also in AUD).
Automatic loading provides a âlive feelâ to the spending process, despite direct bitcoin-to-debit card spending in stores not yet being an option.
CoinJar representative Samual Tate told CoinDesk the company was âmaking a pointâ rather than profit with its debit card infrastructure.
Bitcoin debit cards also arenât just about bolting bitcoin features onto existing financial and banking systems, he added.
âWe want to show that bitcoin can not only fit into legacy systems, but actually make them more efficient.â
Consumers outside the bitcoin universe would âfollow the path of least resistanceâ when choosing to adopt new systems, Tate continued. It would be a matter of who could make the transition to bitcoin-based savings and spending easiest.
CoinJar operates what it calls a âDNA programâ, where customers identified as power users are granted beta-testing access to new features. The company says it is planning to launch âa suite of new featuresâ for testers and that it has about 40 customers participating in the program at present.
CoinJar is seeking to build a demographic mixture of user-testers who also have a strong understanding of bitcoin and technology in general.
Users can apply to be part of the program on CoinJarâs dedicated web page.
Image via CoinJar