Several months ago, we introduced the RedotPay virtual cryptocurrency card. This time, our team tested it firsthand in Thailand to explore how PayFi (Payment Finance) integrates cryptocurrencies into real-world transactions. Is it truly more convenient and cost-effective than carrying cash abroad? Below, we break down PayFi's concept, RedotPay's application process, payment methods, and its unique benefits.
From Blockchain to Everyday Spending: What Is PayFi?
PayFi merges Payment and Finance through blockchain technology, streamlining cross-border transactions. Traditional methods involve delays (1–3 days) and high fees due to intermediaries. Cryptocurrencies simplify this by enabling direct payments, reducing time and costs.
PayFi in Action: The RedotPay Crypto Card
Carrying cash while traveling poses risks. Modern solutions like debit/credit cards are evolving, with crypto payments gaining traction via partnerships like RedotPay and Visa.
RedotPay, a Hong Kong-based fintech firm, holds an MSB license and complies with AML regulations. It supports cross-border payments in 61 countries, including the U.S., Thailand, and Taiwan. Users can bind the card to Apple Pay/Google Pay for seamless spending.
How to Apply for a RedotPay Virtual Card
(Non-sponsored tutorial)
Step 1: Registration
- Download the RedotPay App.
- Sign up via phone/email and set a password.
- Virtual card activation requires a $10 USD deposit (~$330 TWD); no annual fees. Physical cards ($100 USD) support ATM withdrawals.
- Bonus: Receive $5 USD upon activation (RedotPay only).
Step 2: Card Activation
- Provide an English residential address and ID (driver’s license/passport).
- KYC takes 5–10 minutes (completed in <5 mins for our tester).
Step 3: Bind to Apple Pay/Google Pay
- Enter card details; minimum $10 USD deposit required.
Step 4: Customize Settings
- Supports USDT, USDC, BTC, ETH, and USD.
- Set spending limits (default: $100,000 USD; adjustable).
- Prioritize payment currencies.
Step 5: Start Spending
- Transaction fees: 1% for most currencies (see table below).
- Example: In Thailand, a 422 THB McDonald’s purchase cost ~33.1 THB/USD (1% fee included), slightly better than local exchange rates (32.77 THB/USD).
RedotPay Pros and Cons
| Pros | Cons |
|------------------------|---------------------------|
| No annual fees | $10 USD activation fee |
| Multi-currency support | Limited merchant adoption |
| Fast KYC process | Crypto volatility risks |
Final Thoughts
Using crypto for payments is innovative, with competitive exchange rates. RedotPay offers a practical bridge between blockchain and daily spending—try it on your next trip!
FAQs
Q1: Is RedotPay available worldwide?
A: Yes, it operates in 61 countries, including the U.S., Thailand, and Taiwan.
Q2: What cryptocurrencies does RedotPay support?
A: USDT, USDC, BTC, ETH, and USD.
Q3: Are there hidden fees?
A: Transparent 1% transaction fee; no annual charges.
Q4: How secure is RedotPay?
A: MSB-licensed with AML compliance and customizable spending limits.
Q5: Can I use RedotPay in my home country?
A: Yes, including in Taiwan.
👉 Learn more about crypto payments
Disclaimer: This content does not constitute investment advice. Cryptocurrency investments carry risks—research thoroughly before deciding.