The TON card works from the Tonhub wallet, native to the network.
This card requires KYC verification to access it.
The wallet Tonhub, based on The Open Network (TON), presented a debit card that allows payments with cryptocurrencies in traditional businesses and services. Payments with this card are made in an unconventional and secure way: from the user’s private self-custody wallet. This card is enabled for the TON network.
Tonhub, a wallet self-custody mobile designed for The Open Network, launched on November 7, 2024 a Visa debit card that allows its users to make direct payments from their balances in TON, token native to this network, or in the stablecoin USDT.
That is, the user has full control over their funds and the private keys associated with their wallet when using this debit card.
The user is solely responsible for the security and management of their funds. There are no intermediaries who custody the cryptocurrencies. Security depends on the user’s practices to protect their private keys. So if the keys are lost, the funds are lost.
On the other hand, although the creation of an account in this wallet TON only requires an email and few personal data, to access the new cryptocurrency card users will have to go through a registration process KYC verification. Each operation with the card involves a 1.5% commission per transaction.
When making a purchase or transfer, this card automatically convert cryptocurrencies that users store in their wallets to fiat currencies.
Currently, it supports US dollar, euro, pound, Japanese yen and Chinese yuan, among others.
Tonhub Card Compatibility
This debit card is compatible with global payment systems such as SEPA and SWIFT and allows integration with payment methods on-line such as Apple Pay and Google Pay.
SEPA (Single Euro Payments Area) and SWIFT (Society for Worldwide Interbank Financial Telecommunication) are two widely used international payment systems for money transfers.
SEPA covers 36 European countries, including all the states of the European Union and some additional ones. Only allows transfers in euros. SEPA transfers are usually free or low-cost, thanks to EU regulations.
For its part, SWIFT is a global payments system that connects more than 11,000 banks and financial institutions in more than 200 countries. It allows transfers in most currencies, which are usually more expensive than SEPA due to fees from intermediary and destination banks.
In which regions is the Tonhub debit card available?
Currently, the card is only available to users with a European ID. However, Tonhub, according to its placeplans to extend this service to users in countries of the Commonwealth of Independent States (CIS), Latin America and the Middle East by 2025.
Some features of the Tonhub wallet
A peculiarity of the Tonhub system is that the user accounts of this wallet mobile are configured as a smart contract linked to the TON network.
A smart contract is a self-executing program with predefined rules and conditions. So that this smart contract, being directly associated with the wallet of the user, allows the account to carry out automatic operations according to the conditions established by the rules of the programmable contract.
This quality of wallet Tonhub aims to increase efficiency when carrying out operations. Furthermore, in the wallet Tonhub users can do staking of TON, at a rate of 4.6% annually.