Singapore-based OneBit, a wallet app that lets you spend bitcoin, in real time, anywhere that accepts credit cards via NFC has today announced a new closed beta testing has commenced.
In this beta version, the virtual card is live for testing, not the mobile app.
A few things to note:
1. Currently, the settlement currency is in Singapore Dollars, so users outside will incur the 1% FX fee on transactions. As partnerships grow, OneBit will hope to provide home currency conversion in the near future.
2. The only active payment source for this beta version of OneBit is the virtual card for online transactions. OneBit states it is currently working on contactless payments and finalizing the design for the physical card.
3. At this point in time, beta testers are allowed a SGD1,000 maximum transaction limit or equivalent in bitcoin and monthly spending limit of SGD3,000 or bitcoin equivalent.
OneBit stated that it’s currently in the process of extending their KYC verification process for higher limits in the future.