CloudTech launches CobWeb Pay card to bring crypto to retail

CloudTech Group has launched the CobWeb Pay Mastercard, providing Australian consumers with a way to use cryptocurrency for everyday purchases both in-store and online, wherever Mastercard is accepted.

Payment access

The new CobWeb Pay Mastercard enables clients to convert cryptocurrency into traditional fiat currency in real time. This allows users to spend their digital assets as cash on regular goods and services. The card is available for use at all Mastercard terminals globally. It is issued in a digital format and is compatible with Apple Pay and Google Pay, enabling secure, contactless transactions on mobile devices.

Consumer demand

Mandy Jiang, Chief Financial Officer and Executive Director at CloudTech Group, said that Australian investors, particularly younger users are driving interest in crypto-linked payments. She said statistics indicate that about one-in-three Australians hold some form of cryptocurrency, pointing to a growing trend in the uptake of digital assets for a range of financial uses.

Jiang described how this demographic uses crypto for both long-term investments and shorter-term savings goals. She noted the importance of being able to convert digital assets to cash on demand, saying this offers users more flexibility and control over personal finances.

Market integration

The rollout of the CobWeb Pay Mastercard reflects CloudTech Group's focus on expanding its footprint in Australia, where it is building financial infrastructure that aims to integrate crypto into the daily economy. The card is central to CloudTech's strategy of enabling users to buy, sell and spend crypto as seamlessly as other investments. The company is also working to streamline the use of digital assets for everyday Australians, a move Jiang says is important for building consumer trust in crypto.

Product features

The CobWeb Pay Mastercard does not require users to stake crypto assets or pay monthly fees. The company says this removes some barriers to entry for users interested in utilising crypto for payments. CloudTech has positioned its product range, including the new card, as easy to understand and familiar to consumers.

Jiang explained that promoting clarity and education around the use of digital assets is a key focus for the industry. According to CloudTech, a significant number of Australians are interested in crypto but have yet to make their first investment. The company sees its role in helping guide consumers through the process and in demystifying digital currencies.

"We know that about one-in-three Australians now hold some form of cryptocurrency and as this increases, so too will the need for efficient and effective ways of turning that investment into cash, so that they can purchase everyday goods and services either in-person or online," said Mandy Jiang, Chief Financial Officer and Executive Director, CloudTech Group.