KuCoin launches Mastercard-backed virtual card in Australia

KuCoin has launched a Mastercard-backed virtual KuCard in Australia that allows eligible users to pay with USDC at merchants that accept Mastercard. The program is the result of a partnership between KuCoin, payments firm Immersve and Mastercard.

At checkout, USDC is converted to fiat in real time using 37 supported USDC pairs, and merchants receive fiat through Mastercard’s settlement network. The virtual card can be added to Google Pay and Apple Pay and funds purchases at the point of sale.

The product is virtual-only at launch; there is no physical card or ATM access. KuCoin states the crypto-to-fiat conversion occurs before Mastercard settlements so merchants receive settled fiat while customers are debited in crypto.

Immersve is the issuer of KuCard and is responsible for disclosures and obligations under its Australian financial services license. Axis One Markets Pty Ltd is authorized to provide certain financial services for the card on Immersve’s behalf. Immersve advises users to read the Product Disclosure Statement, Financial Services Guide and Target Market Determination and has differentiated its services from products issued by Echuca Trading Pty Ltd.

KuCoin has registered as a digital currency exchange with AUSTRAC. The company says it is investing in infrastructure to improve security, transparency and compliance and that the card complies with local anti-money-laundering and counter-terrorism-financing rules.

The card offers up to 2% cashback on transactions depending on a user’s VIP tier and trading volume. KuCoin positions KuCard as an option alongside other local crypto payment providers. The service is available to eligible Australian users at rollout.

James Pinch, KuCoin’s Australian managing director, called Australia ‘a fast-moving market for digital asset adoption’ and added, ‘For everyday users, utility is the turning point.’ Jerom Faury, chief executive of Immersve, described the collaboration with Mastercard and KuCoin as a ‘game-changer for everyone’ and highlighted Immersve’s role in linking Web3 and traditional finance. Christina Rau, senior vice president for digital commercialization at Mastercard, noted the partnership supports responsible innovation and helps make digital assets usable in everyday payments at scale.