Tangem has announced the launch of Tangem Pay, an innovative service designed to facilitate online spending with USDC using a virtual Visa card, all while allowing users to maintain complete control over their funds. This new service is integrated into the existing Tangem Wallet app and functions as a data-free payment account.
Users can easily top up their Tangem Pay account in USDC on the Polygon network, enabling them to make purchases both online and in physical stores. This includes compatibility with popular payment platforms such as Apple Pay and Google Pay, eliminating the need for prior currency conversion. Notably, funds within the Tangem Pay account stay in the USDC format until a purchase is made, at which point the service converts the currency at a 1:1 ratio to US dollars using Visa payment systems.
A key feature of Tangem Pay is its emphasis on user security. Each user retains control over two private keys: one key is held by the user, while the other is maintained by their issuing partner, Rain. The latter utilizes its key solely for the purpose of confirming card authorization, ensuring a layer of security while protecting user privacy. Importantly, Tangem clarified that identity verification is limited to the Tangem Pay service and does not impact the privacy of users’ wallets.
Additionally, Tangem Pay operates without imposing monthly account or transaction fees. For international transactions, users are only responsible for standard gas fees associated with the Polygon network, along with typical Visa currency exchange fees.
The Tangem Pay service is set to officially launch at the end of November, marking a significant advancement in digital currency spending solutions.
