UPay is a rapidly growing crypto card designed for convenience, security, and ease of use. It embodies Satoshi Nakamoto’s vision of a decentralized economy by enabling crypto payments via card, similar to traditional Visa or Mastercard. In this review, we’ll break down its features, security measures, and usability to help you decide if it’s the best crypto card for your needs.
What is the UPay Card?
The UPay Card is a crypto-collateralized credit card that allows users to spend cryptocurrencies directly, without converting them to fiat. It’s a hybrid of a debit card and a digital wallet, that enables USDT (TRC20, ERC20) payments at Visa-supported retailers worldwide.
Distributed by UPay, a fintech company founded in 2023 and headquartered in Dubai, the UPay Card has rapidly gained traction in the market. The firm claims to have processed over $20 million in card transactions and remitted more than $50 million since its launch. Currently, there are over 500,000 users of the UPay Card across at least 168 countries, including Hong Kong, the Middle East, and Southern Asia.
The card integrates with payment providers like PayPal, Apple Pay, GPay, and WeChat Pay, and is supported by over 55 million merchants, including Walmart, Amazon, eBay, and Uber.
Highlights:
- Crypto Loans: According to UPay, users can access low-interest loans secured by their crypto portfolios. These loans require no paperwork, credit checks, or impact on credit scores.
- Global Remittance: UPay’s remittance function supports payments in eight major currencies (USD, EUR, GBP, AED, HKD, SGD, CNY) and provides competitive FX rates for international transfers.
How Does it Work?
The UPay card operates as a prepaid card, meaning you’ll need to fund it before making purchases. You can select either a virtual or physical card, with two tiers available for each. Virtual cards come in Platinum and Stellar options, while physical cards are available as Precious or Euro. These cards are linked to your UPay account, giving you the ability to track and manage transactions via a mobile app or PC.
To apply for a UPay card, register on their official website (https://upay.best/). While the cards are generally free, an activation fee applies depending on the card type. In the event of loss, a replacement fee is required. You can fund your card through the UPay platform, which provides a recipient’s crypto address for account top-ups.
Spending limits depend on the card tier and your total collateralized assets. Transaction limits and fees also vary by tier. UPay cards are designed for users aged 18 and older. Let’s explore the available options in detail.
Physical Cards
1) Precious Card
The Precious card is a physical UPay crypto card issued in Hong Kong, supporting theHong Kong Dollar ( HKD) payments at partner merchants. It has an issuance fee of 100 USDT and no transaction fees for use within Hong Kong. Cross-border payments incur a 3% fee but are free for amounts exceeding 2,600 HKD.
A collateral fee of 1% applies. Users pay an annual maintenance fee of 400 HKD starting from the second year. The card requires a minimum deposit of 20 USD and supports up to 200,000 USD, defined as collateral limits, with a 90% single withdrawal limit.
2) Euro Card
The Euro Card is a UPay crypto card issued across European regions, with USDT as its collateral and EUR as the transaction currency. The issuance fee is 100 USDT, with no annual fees or transaction costs, and a cross-border fee of just 2%. International transactions across ATMs within the European zone attract zero crossborder fees.
The card supports a collateral range of 20 USDT to 50,000 USDT. Spending limits range from 1 EUR to 50,000 EUR, with a daily cashout cap of 2,000 EUR.
Physical Crypto Cards Comparison Table
Precious Card |
Euro Card |
|
| Collateral Currrency | USDT | USDT |
| Transaction Currency | HKD | EUR |
| Issuance Fee | 100 USDT | 100 USDT |
| Annual Fee | 400 HKD | Zero Fees |
| Recharge Fee | 1.0% | 2.5% |
| Cross-border Fee | 3.0% | 2.0% |
| Recharge Limits | 20 USDT to 200,000 USDT | 20 USDT to 50,000 USDT |
| Transaction Limits | 0.00HKD to 800,000 HKD | 1.0 EUR to 50,000 EUR |
Virtual Cards
1) Platinum Card
The Platinum UPay crypto card is perfect for big spenders. It’s a virtual card with a minimum collateral of 10 USDT and a maximum of 200,000 USDT. Though issued in Hong Kong, it works in USD for transactions.
You’ll enjoy zero fees for regular payments and just 2% for cross-border transactions. There’s no lower spending limit, but transactions top out at 100,000 USD. A 2% recharge fee applies.
2) Stellar Card
The Stellar UPay card is great if you’re dealing with smaller balances. You can recharge with as little as 20 USDT, up to a maximum of 50,000 USDT.
There’s no minimum spending limit, but transactions are capped at 20,000 USDT. Regular payments are free, and cross-border fees are just 1%. The recharge fee is 3%, a bit higher than Platinum. Issuing the card costs 50 USDT, and there are no annual fees.
Virtual Crypto Cards Comparison Table
Platinum Card |
Stellar Card |
|
| Collateral Currency | USDT | USDT |
| Transaction Currency | USD | USD |
| Issuance Fee | 10 USDT | 50 USDT |
| Annual Fee | Zero Fees | Zero Fees |
| Recharge Fee | 10 USDT to 200,000 USDT | 3.0% |
| Cross-border Fee | 2.0% | 1.0 % |
| Recharge Limits | 2.0% | 20 USDT to 50,000 USDT |
| Transaction Limits | 0.0 USD to 100,000 USD | 0.0 USD to 20,000 USD |
Features and Benefits of UPay Card
The UPay Card is designed to make cryptocurrency spending easy and efficient. Here’s a breakdown of its key features and benefits:
- Real-Time Crypto to Fiat Conversion: The UPay Card simplifies the process of spending cryptocurrency by offering real-time exchange rates. It features a built-in calculator that instantly converts crypto to fiat currency at the moment of payment for quick and efficient transactions. Plus the added advantage of low fees and no need for prior conversions through exchanges like Binance or Coinbase.
- User-Friendly Experience: The UPay Card is easy to use. It works just like a traditional credit card but is tailored for crypto transactions. The application process takes about 10 minutes. Once approved, managing funds and monitoring transactions is straightforward through an intuitive app interface.
- Worldwide Acceptance: UPay claims its payment solution is accepted by over 55 million merchants globally. This includes major retailers like Walmart, Amazon, eBay, and Uber. The card’s reliance on the Visa network means you can shop virtually anywhere that accepts Visa payments, making it a versatile option for everyday spending.
- Relaxed Access Rules: Unlike traditional banks that often impose strict scrutiny during account opening and transactions, UPay has more relaxed assessment processes. Users undergo simple KYC (Know Your Customer) verification, making it easier for those with poor credit histories to access services like crypto loans.
- Low Fees: UPay offers some of the lowest transaction costs in the market. Transaction fees start as low as 0%, with cross-border payments typically not exceeding 3%.
- Gift Card Purchases: UPay also allows users to buy gift cards using Bitcoin and other cryptocurrencies from over 5,000 retailers, including popular brands like Amazon and Apple. Once purchased, gift cards are sent directly to your email address.
Customer Support
Customer support as a critical element in evaluating payment platforms, and UPay excels in this area with 24/7 support. The live chat feature ensures quick assistance, connecting you to a live agent in under two minutes. For email inquiries, reach out to support@upay.com. Note that phone support is currently unavailable. UPay also offers multi-lingual support with language settings in over ten languages, including French, Arabic, and Spanish, for non-English speakers
Security
UPay Card offers exceptional security with advanced features designed to safeguard your personal information and transactions. It adheres to strict PCI DSS standards which keeps your data always protected from potential breaches. All data is transmitted securely via 256-bit SSL encryption, and online transactions are further protected with 3D Secure technology. This adds an additional layer of security that requires a one-time password (OTP) to verify your identity and prevent fraud. For online purchases, each card also includes a CVC2 code. Should you ever lose your card, you can quickly lock it through the app.UPay Card also ticks all the boxes for legal compliance, including the Trust and Company Service Providers (TSCP) license, Lithuanian license, MSB licenses in the U.S. and Canada, and Hong Kong’s MSO regulations.
How to get Started
It’s easy to get started with the UPay Card! We’ll guide you through the process, from registering your account to loading funds. First, create your account and get your card. Simply follow the steps below.
Step 1: Create an account on the UPay platform by providing your personal information.
Step 2: Complete KYC verification by submitting the required documents to verify your identity.
Step 3: Choose your card type from UPay’s offerings, such as the Euro Card or UPay Precious Card.
Step 4: Fund your wallet by depositing your chosen cryptocurrency into your UPay wallet.
Step 5: Apply for your card by clicking on the “Apply Card” button in your dashboard and following the instructions.
Step 6: Create an optional card nickname and load your card with a desired amount from your wallet
Step 7: Start using your UPay Bitcoin crypto card for online and offline transactions wherever it is accepted.
How to Deposit Crypto into UPay Wallet?
- Install the UPay app and open it on your device.
- Tap on the “Deposit” option from the main menu.
- Pick the cryptocurrency you want to deposit, such as Bitcoin, Ethereum, or Tether.
- Select the appropriate blockchain network, then copy the wallet address or scan the QR code provided.
- Transfer the funds to the wallet address and track the transaction status in the wallet’s activity section.
How to Apply for the UPay Physical Credit Card
- Go to the UPay homepage and select the ‘Apply Card’ option.
- Review the details of the Physical Card and proceed to complete KYC verification.
- Link your phone number, input the verification code, and press ‘Next.’
- Provide your personal information, add a shipping address, and agree to the terms.
- Specify the collateral amount and confirm your application.
- Wait for the approval process to be completed.
How to Withdraw Cryptocurrency from Your UPay Wallet
- Open the UPay app and go to the homepage.
- Tap on the “Withdrawal” button.
- Select the cryptocurrency (Tether, Ethereum, or Bitcoin) you wish to withdraw.
- Choose the network chain, then paste your withdrawal address and enter the amount to withdraw.
- Confirm the transaction to initiate the withdrawal process.
- Check the status of your withdrawal in the “Wallets Bill” section.
UPay Card Pros and Cons
UPay Crypto Card Pros
- Low fees and competitive cross-border charges
- Real-time crypto-to-fiat conversion
- Widely accepted by millions of merchants globally
- Simple KYC verification
- Supports crypto loans
UPay Crypto Card Cons
- Limited to using USDT for collateral
- Some users may prefer a broader range of collateral options
- Cross-border fees for some
Closing Remarks: Is UPay For You?
To determine if UPay is the best crypto card available, it’s essential to weigh its features against your key priorities. By using the Kano Model, we can delve into UPay’s strengths and weaknesses based on basic needs, performance needs, and excitement needs.
- Basic Needs: UPay successfully meets crucial requirements, such as global compatibility, robust security, and low fees, addressing the fundamental expectations of any crypto card.
- Performance Needs: On the performance front, UPay delivers impressively with real-time crypto-to-fiat conversion, an intuitive app, and reliable customer support. It truly shines with its competitive remittance options and extensive network of merchants.
- Excitement Needs: However, UPay does have some limitations, particularly regarding its collateral requirements. While the card accommodates funding through cryptocurrencies like Bitcoin and Ethereum, it only accepts USDT as collateral. This could be a drawback for users with a wider range of crypto assets.
If you’re in the market for a crypto card that streamlines the spending process while providing solid customer support and security features, UPay is definitely worth considering.
