Kite Financial Introduces Crypto-Powered Group Payment

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Kite Financial recently added The kite card to its list of amazing features on the Kite Financial Wallet app. The Kite Card is an encrypted virtual card specially designed to be easy to use and accessible to everyone. This means that you can buy assets in different tokens like Bitcoin, Ethereum, Dogecoin, etc., and use them to fund the card.

It can be used to do a myriad of things like buy gift cards from one of your favorite online stores, pay for utilities, buy airtime in over 200 countries, and transfer funds to anywhere. anyone, anywhere in the world!

With the recent mandate passed by the Central Bank of Nigeria, a significant number of Nigerian banks have imposed a spending limit of $20 and $50 on Naira debit cards. This is a response to the shortage of foreign currency and the dwindling foreign exchange reserves in the country. Nigerian banks are no longer allowed to request non-native bills from the Central Bank of Nigeria and have also stopped the withdrawal of foreign currency from international automated teller machines (ATMs) and POS transactions in offshore countries.

As you may know from personal experience and that of others, this has become a huge problem for many Nigerians at home and in the Diaspora as businesses and livelihoods are affected. Business owners are said to have lost customers due to the inability to purchase goods from foreign websites in a timely manner. Many students who study abroad experience difficulties in processing payments while others complain that they can no longer withdraw enough money to support themselves during their studies. This limitation left them with two choices; obtain a foreign currency debit card from their Nigerian bank or open a bank account with any banking institution in their country of residence. Each of these processes is a task and usually takes a bit of time to complete, making cryptocurrency the most tangible and immediate solution to these problems.

Learn more about how kite financial promotes crypto adoption.

Some of the features of this card include:

  • Group payments and micromanaging finances – With bulk payment option, you can create multiple cards for your recipients, set limits on each card, track recipient’s spending and manage their finances on the card efficiently.

To fund a card in the Kite Wallet, you simply purchase an available asset on the wallet which, in turn, is used to fund a card. You can then share this card with your beneficiaries.

  • Cross Border Payments/Transfers – With the Kite Card, the fees, time, cost and risk of transferring money to recipients in other countries are reduced. Now you can share your card or money with family and friends anywhere in the world.
  • Unlimited global paymentNT Access (gift cards): Card owners and recipients can purchase gift cards from over 700 brands, including giants like Apple iTunes, Amazon Gift Cards, Google Play Cards, Steam Gift Cards, Xbox One Gift Cards and much more on the Kite Financial portfolio.

The kite card was created to ensure Kite users have complete financial freedom and they are no longer restricted to the $20 spending limit imposed by the Central Bank of Nigeria. They can shop as much as they want at their favorite stores using the Kite Card.

Giving every individual financial freedom is one of Kite Financial’s primary goals and we do this by making crypto accessible to everyone. With just $10 (₦7000) you can trade, pay bills on the Kite Financial wallet app and earn with the kite referral program. You can find it on Google Play Store or Apple App Store. For more information, visit the website.

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