Conotoxia has officially unveiled its new multi-currency payment card that enable clients to link their existing card straight to up to 20 different currencies. Acting like a personal finance management app, a virtual version is available through a dedicated mobile app, which is apart from the physical card.
In partnership with Visa, the new product also allows users to pay in any of over 160 currencies, and the funds will be automatically converted and debited from the relevant linked currency account. The new product can be used in shops and online, as well as for ATM withdrawals worldwide at what Conotoxia advertises are favorable exchange rates, no fixed fees, unexpected costs or complicated contracts.
The card works quite like any bank card, but with fewer costs associated and a wider range of services. Further, Conotoxia offers additional protection for users by allowing them to transfer their funds between the card and a separated wallet that keeps their balance safe. The money is available immediately, so anyone, from anywhere in the world, can top-up and exchange the currency wallet instantly, ensuring that all cash needs are covered.
Being a convenient alternative to bank debit cards, the product is free of fixed fees and other unpleasant surprises, such as requiring a minimum number of transactions.
“Unlike traditional banks, Conotoxia offers the whole package for free: payments in foreign currencies, 20 currency accounts, top-ups and transfer of funds to the currency wallet, withdrawals from ATMs worldwide, and issuing of the card (a limited offer for the plastic card),” the company said.
Conotoxia Ltd. is a member of Conotoxia Holding group, and it was originally launched in 2017. It initially offered the same services available through Cinkciarz’s core products: currency exchange, money transfers, and payments. The two brands were supposed to be functioning alongside one another, using the same registered graphic trademark, but one embraced a fully regulated retail brokerage offering.
Adding the forex markets to Conotoxia’s payment services not only appealed to its current clients but additionally provides a diversification opportunity for the company.
Until recently, Cinkciarz.pl was associated with the currency exchange in three models: bank account transactions, currency wallet transactions and social transactions. As such, the driving force behind Conotoxia becoming a brokerage firm was to cash in on loyalty of its multinational customer base and also to provide a single source of FX transactions.