Evmos Crypto Credit Card

A crypto credit card where cardholders can transact with EVMOS or stablecoin without gas fee and crypto lenders could earn up to 20% yield from inside and outside of Evmos ecosystem.

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The Problems

  • Consumers hate paying for shipping fee. It’s the same for gas fee.
  • Cryptocurrencies are not yet widely used and crypto issuers want to get their cryptos in the hands of many.
  • Today’s so-called crypto credit cards only give crypto as rewards, not using crypto as currency. And Visa card from Crypto.com is actually a prepaid (debit) card, not credit card.
  • Many users and dapps developers on Ethereum are suffering from excessive gas fees.

The Solution

  • Issue Evmos credit cards to let anyone spend in EVMOS or stablecoin without paying for gas.
  • Enable crypto consumers to spend on credit whereby Evmos or other lenders offer lines of credit to cardholders while earning up to 20% in yield (lower than banks). It utilizes the "Buy Now, Pay Later" model to assist cardholders financially especially during a financial downturn.
  • This card could entice existing Ethereum dapps to expand to Evmos.

What it Does

Evmos credit card (powered by CryptCard) works like a standard credit card except that it uses EVMOS, ERC-20 tokens or stablecoins as the currency, not fiat. Also, cardholders use their crypto wallets to "swipe" instead of plastic cards making this payment method more environmentally friendly. Cardholders could buy something and pay for it later. This offers credit to consumers and credit is the financial driving force behind the world's economy.

Introducing Evmos Point of Sale (POS) system

Additionally, we built a Point of Sale mobile application (Android) that allows merchants to accept Evmos credit card as a means of payment. Merchants could register on our site and obtain merchant ID, API key, etc and begin accepting payments in EVMOS, ERC-20 or stablecoins on Evmos network. Payout can be made unlimited times and it takes only 24 hours to process.

Why We Chose to Build For Evmos?

Because Evmos's aim is to encourage the migration of existing Ethereum dapps to Evmos network. Thus, we can offer the perfect incentive to these dapps in the form of credit lines that they could extend to their users.

How to Move Ethereum Dapps to Evmos

We could entice existing ETH dapps to move to Evmos platform and use EVMOS tokens or USDC/USDT as currencies by extending lines of credits to the dapps’ users.

For instance, John wants to join a new play2earn game on Ethereum, but he's required to pay a joining fee in ETH tokens. Instead of having to buy or swap for the tokens, the game site invites him to sign-up for Evmos crypto card to join without paying or swapping tokens upfront. He also doesn't need to pay for gas throughout the game.

He joins and plays, and eventually earned Evmos tokens. At the end of month, he receives his online card statement on CryptCard website and he could pay his balance by converting his earned tokens. Instead, he chose to pay a minimum balance (min tokens) because he wants to continue to invest in the game.

The scenario above would encourage Ethereum projects to migrate to Evmos platform.

Why We Chose to Use MetaMask Wallet?

Because MetaMask is the most popular blockchain wallet and most used by Ethereum users. Thus, we chose to support this ubiquitous wallet to ease the migration process for users to move from Ethereum to Evmos.

Why Evmos Should Choose Us

Credit card is such a common financial tool globally and CryptCard could help Evmos to recruit more Ethereum users. In the near future, we aim to be the defacto payment option for various metaverses on Evmos network and beyond.

How We Built It

We at CryptCard produce credit cards that transact in cryptocurrencies, not fiats. We operate the card application system and payment gateway while connecting merchants, lenders and cardholders. Each applicant is processed by our credit analysts based on the applicant's credit report and credit score. The better their score, the lesser their interest rate and vice versa.

FAQs

How is your credit card better than traditional banks' credit cards?

Our interest rate is lower than banks and we allow crypto transactions without gas.

How fast do I need to settle my credit card balance?

You're given 30 days to settle your expenditure.

Please read the full FAQs here on our demo site.

What's next for Evmos Crypto Credit Card

The aim is to really launch this crypto credit card for the benefit of Evmos ecosystem as a whole.

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