CoinJar, the Australian company that launched the trial of its regional-first card product last week, says that customers won’t be charged any transaction fees for using Swipe. It says that they don’t need to pay activation fees. Also, there won’t be load fees, conversion rates (subject to CoinJar Fair Rate policy), no inactivity fees, etc.
In the announcement at the official website CoinJar says that it will be absorbing these costs because it wants the users to experience the power of Bitcoin and spend it freely. Customers can use their swipe to withdraw Australian dollars which has a $2 ATM fee at any rediATM; however, the non-rediATMs will have their own fees.
CoinJar informs that customers won’t need to pay withdrawal fees when they are using the card to withdraw at Coles and Woolworths. The swipe cards from the company will come with a product disclosure statement that goes into more detail about fees for loading and spending. IT says that customers may see fees outlined there as well.
The spokesperson for CoinJar says that the company is absorbing these costs to make this a better experience for customers who are buying the swipe card paying $29. The company however, says that it is waiving this fee for a limited time for CoinJar DNA members only. The card gives a lot of freedom for users to have control over their money.
DNA Program for Select Customers
Currently, CoinJar operates what it calls a ‘DNA program’, wherein customers identified as power users are granted beta-testing access to new features. In its announcement the company says it is planning to launch “a suite of new features” for testers and that it has about 40 customers participating in the program at present.
CoinJar makes it clear that users can top up their Swipe in their CoinJar for which they simply need to choose how much AUD balance they want on their card and confirm; the rest of the job is done by the company. Users can also set a minimum balance, so that it automatically tops up their card as they spend.
Appreciating the development CoinJar says that the swipe is just the beginning and the team at the company working to make digital finance accessible to everyone through simple, secure and useful tools and products. It says that the swipe is just one of the many ways the company is looking to empower its users to manage their wealth.
To contact the reporter of this story: Deepak Tiwari at email@example.com