Spend.com has strengthened their available products through a strategic partnership with its processor introducing a new offering; the Spend Virtual Visa® card. The Spend Virtual Visa® card gives users of the Spend platform the ability to instantly issue a Visa® card within the Spend Wallet application and use it immediately to shop online. Users have the ability to instantly access their funds and shop online at any merchant that accepts Visa cards worldwide.
With the release of our Spend Virtual Visa® cards, Spend has also launched the Spend Wallet App version 2.4 on iOS. This version lays the foundation for future upgrades and services and enables the instant issuance capability.
Instant Issuance Virtual Cards
“When Card?” Instantly! — Spend App users can instantly issue their Spend Visa® Virtual card directly within the Spend App once they are Tier 2 verified. Tier 2 verification is typically instant within the app if all of the user’s KYC information matches available records. The Spend Virtual Visa® cards are already activated so users can begin shopping with available funds immediately. Remember, users just have to set which asset/currency they want to use in the “Wallet” tab prior to making a purchase. Spend Virtual Visa® cards have a 250 SPND lock requirement on top of any other current locks required for the level of choice. For the whole month of March there will be no required additional lock which means Spend Simple Virtual Visa® cards will not require any locks. In future versions of the Spend Wallet, users will have the option to add the Spend Virtual Visa® cards to their Digital Wallets for Apple Pay and Google Play as well as convert them to physical cards. Currently, this product is only available to residents of the United States who would like a Spend Simple Virtual card. Spend plans to release this product and additional card options in the United States as well as in other regions after proper approvals.
Multi-Asset/Currency Payment Selection
Users are able to now pick which asset/currency they want to use to pay for their Spend Simple, Preferred, or Black membership when ordering a card! The app will default this selection to the users highest available balance equivalent to USD and they have the ability to toggle the selection of wallets to pick from. Previously, there was an extra step which required users to first sell the asset they wanted to use to USD or have USD in their Spend Wallet. Now that step is gone and users can instantly pick which payment method they wish to utilize. This module will be in our future Spend Business program for merchants! (More info coming soon…)
Improved Biometrics System
Spend has revamped the entire Biometrics system to make it more secure with less friction for users. The addition of this upgrade will clear Spend App’s internal cache and will require users to re-sign in and go through the set up. In future versions, this will no longer be required as Spend has built the security module foundation for scalability without requiring anything from the user.
Users now have the ability to toggle on “SPND Discounts” in their profile screen to give cardholders a 25% discount off of fees when enabling this feature. Once the toggle is on, half of the discounted fee will be drawn from the users Spendcoin balance and the other half will remain in the asset the user selects. Our fees are transparent, so the 1% fee we charge for card swipe transactions will be discounted to 0.75%. Discounts will be applied to the user’s wallet on the 1st of each month. In future Spend App versions, this will become in real-time.
Instant In-App Forgot Username & Forgot Password Features
Forgot your username or password? No problem! Spend now has users covered by adding in-app recovery methods for username and password. Just follow the prompts on the screen and easily regain access to their account!
Have an issue or just want to ask a question? The Spend Wallet application now offers a built in Live Chat feature where users can connect with a Spend Support agent and ask for help. Live chat operators are not available 24/7, however Spend is working on improving availability. If a user is unable to connect to a live chat agent, they can email the Spend Team via the ‘Support’ button in the app.
The Spend Virtual Visa® cards and all of the new, exciting features above will be available in Spend App v2.4. We anticipate this version to be released in iOS by Monday, March 11th and for Android on Thursday, March 14th.