eToro to Offer Visa Debit Card in the UK
On Thursday, eToro, an Israel-based investment platform, launched its eToro Money program in the United Kingdom, including distributing a VISA debit card to clients.
The broker gives its investment accounts instant deposit and withdrawal cash users under the revised program. In addition, they may keep and manage fiat and cryptocurrency funds in one account.
“I’m excited that eToro Money is now accessible to all of our UK customers,” Doron Rosenblum, vice president of business solutions at eToro, said in a statement.
Only in the UK
All UK members of the eToro Club program will be entitled to the eToro Money VISA debit card, which will come with no additional or recurring monthly expenses.
The introduction of these new services was not a surprise. eToro previously stated its intentions to provide a debit card after acquiring Marq Millions Ltd. eToro Money is a Visa Principal Member and is offering the new service with an FCA license obtained.
Although the debit card is only available to clients in the United Kingdom, the firm has ambitions to expand internationally.
“We discovered from our beta testing that eToro Money significantly improves the user experience by allowing for fast cash-in and -out. We’re excited to see what else eToro can offer us, and we’re looking forward to expanding the user base outside of the UK,” Rosenblum said.
Meanwhile, eToro is merging with an American blank-check firm to list its stock on a US-based stock exchange.
Other eToro rivals are expanding their services by entering the payments market. NAGA, known for its social trading offerings, launched a payments platform last month and provided a Visa debit card.
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