UK-based fintech firm STICPAY has launched a new prepaid card that incorporates UnionPay’s international network, one of the largest global card schemes. The e-money service provider said the partnership with Chinese giant allows its new product to feature global access to over 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. also feature less restrictive transaction limits (up to $9,500), as well as offering the only cross-border card payment method outside the currency controls for renminbi. Specific spending limits and a base currency are assigned to each 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 potential card holder to pass the necessary Know Your Customer (KYC) verification.
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 platform.
The company also offers in bitcoin, ethereum and litecoin. But with the UK thrashing its crypto regulation into shape, some crypto providers had no choice but to 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 ().
“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
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