Kinesis Pilots Physical Visa Card and Banking Program in US

  • Payments , Banking
  • 17.12.2020 06:06 pm

Kinesis, the monetary system, based 1:1 on allocated physical gold and silver, today announces the launch of its physical Visa card to expand the real-world utility of the Kinesis platform.

Building on the success of its globally used virtual Visacard, Kinesis wanted to continue to integrate the Kinesis systems into everyday banking. As such, it has rolled out its physical Visa card and accompanying banking systems to the US market ahead of the wider regional release.

As with the virtual card, this can still be used to send gold across the globe in seconds with minimal transaction costs. However, because the card has a bank account attached to it, it offers cardholders the functionality of a debit card, including payments, deposits and transfers as well as cash withdrawals. People can also be paid salaries directly into their Kinesis account and, using the Kinesis Money system, users can store their assets in gold and convert it to cash in seconds when needed. It can receive top ups of up to $20,000 as opposed to the $500 for the virtual card. This can all be managed in the newly redesigned interface of the Kinesis online and mobile platforms.

The new banking functionality of the system can also facilitate financial inclusion. People can often lose their bank accounts because of poor credit, so this provides an option for for everyday financial purposes, such as paying bills, shopping and receiving funds.

Thomas Coughlin, CEO of Kinesis, said: “Our precious metals-based monetary system is honest, fair, ethical and sustainable. By integrating Kinesis with modern banking systems, our aim is to make it available to everyone. It’s not that fiat currencies will become redundant, they already are. Right now with the macroeconomic environment, people are looking for safety & security , so why not keep your money in gold when you can use it day-to-day just like any other currency. It means you can instantly convert and withdraw what you need, seamlessly in one platform. That’s why we’ve launched in the US first: not only is it a large market with growing inflation, but people are also bought into the value of gold – it’s even legal tender in many states. We’re pleased to have ticked off another successful milestone of our 2020 roadmap, with lots more on the horizon.”

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