MEXC has launched a Global Card service for eligible users. Users can use the USDT payment method over the Visa network and connect to Apple Pay and Google Pay. This product offers tiered cashbacks, with a maximum of up to 10%, indicating that the exchange is extending the use of stablecoins beyond trading scenarios to everyday consumption.
Cashbacks are distributed according to levels.
The cashback for this card is settled with USDT, and the ratio ranges from 4% to 10%, depending on the user's VVIP level and M-Score. As mentioned in MEXC, M-Score takes into account transactions, Earn subscriptions, and platform tasks, among other behaviors.
- Standard level rebate of 4%, with a monthly limit of 100 USDT
- Premier Level rebate of 6%, with a monthly limit of 300 USDT
- Elite Level rebates of 10%, with a monthly limit of 800 USDT
Cashbacks are calculated on a monthly basis and are issued to the live trading account on the 15th of the following month. Refunds, cancelled transactions, and certain types of merchant transactions are not included in the cashback scope.
Handling Fees and Payment Limits
MEXC indicates that there is no acquisition card fee until September 30th; thereafter, the fee rate will start from 1%. The transaction exchange rate will be based on Visa. The platform does not add an additional exchange rate surcharge, but some currencies may still incur foreign exchange fees according to the rules of Visa.
In terms of limits, the maximum single transaction amount is 80,000 USDT, and the daily consumption limit is 1 million USDT. MEXC also states that Global Card and its existing APAC cards are two separate products, with different handling fees and limits.
Users are required to complete advanced identity verification before applying. Once approved, they can enable the virtual card immediately without waiting for the physical card to be mailed to them. According to the product instructions, this card can be used directly to make payments using the balance of USDT that the user holds in the MEXC exchange.
Encrypted payment card transaction volume continues to rise
As MEXC launches new cards, the usage of encrypted payment cards continues to expand. a16z crypto In August, citing Paymentscan data, the monthly transaction volume of encrypted payment cards reached 759 million US dollars in July, compared to 306 million US dollars a year ago.
The number of transactions during the same period has also increased. In July, there were nearly 9 million purchase transactions, which is higher than the approximately 5.2 million transactions from a year ago, with an average transaction amount of about $86. According to data cited by a16z, USDC and USDT together account for 84% of encrypted card consumption.
In addition to MEXC, many other companies are also working on connecting stablecoins with traditional card organizations. Western Union has already collaborated with Rain to launch Stablecard that supports USDPT; Visa has previously tested stablecoin payment solutions with WeFi, covering parts of Europe, Asia, and Latin America.
US users are not able to apply for the time being.
Although the product is connected to the Visa network, MEXC is still not open for applications from US residents at this time. Its qualification documents show that the United States is on the same restricted list as countries and regions such as China, India, Indonesia, Turkey, and Russia, with address verification being one of the criteria for review.
MEXC also indicates that the exchange's main website imposes geographical restrictions on U.S. residents, and the list of restricted jurisdictions is subject to adjustment according to legal and compliance requirements. This means that although the card is promoted for the global market, its actual availability still depends on the user's location.
