About KuCard Transactions
KuCard lets you pay securely, using fiat (EUR) or 54 cryptocurrencies (USDT, USDC, BTC, ETH, XRP, KCS, etc.). You have the flexibility to choose which cryptocurrency is used for your purchases. You may also add all of them as deductible assets, or remove any that you no longer wish to use. However, it's important to ensure at least one cryptocurrency or fiat currency remains as your spending asset. Additionally, you can select the order of priority for payments between crypto and fiat.
The KuCard has plans to support even more cryptocurrencies in the future, so stay tuned!
Here are the details when it comes to the deduction order for KuCard transactions:
When you initiate a transaction, deductions will be made according to the currency order set by you. If you haven't set a KuCard payment currency order, the default is: USDT > USDC > BTC > ETH > XRP > KCS > EUR.
Scenario 1: Assuming currency order set to EUR > BTC > ETH > KCS
Payment amount: 500 EUR
Available fiat: 1,000 EUR
Available Crypto: 0.000001 BTC, 0.1 ETH, 10 KCS
For a product priced at 500 EUR, 500 EUR will be directly deducted from your Funding Account.
Scenario 2: Assuming your deduction order is set to BTC > ETH > KCS > EUR.
Payment amount: 4,000 EUR
Available fiat: 500 EUR
Available crypto: 0.001 BTC, 1 ETH (suppose current price is 1 ETH = 3,500 EUR), and 10 KCS
For a product priced at 3,000 EUR, the amount will be deducted from your ETH and EUR assets. Specifically, 1 ETH and 500 EUR will be deducted to make the payment.
The conversion of ETH to EUR is based on the current market’s selling price.
Scenario 3: Non-EUR payments
Payment amount: 1,300 USD
Available fiat: 1,000 EUR
Available crypto: 1,000 USDT
Your purchase is an international transaction at 1,300 USD. As it involves currency conversion, the funds used are based on Visa's foreign exchange rate. (For more information, refer to https://www.visa.co.uk/support/consumer/travel-support/exchange-rate-calculator.html)
Assuming exchange rate at time of purchase is 1.05 USD/EUR, then 1,300 USD is equivalent to 1,238.10 EUR (1,300 ÷ 1.05). The 1,000 EUR in the Funding Account will be used in full, and the remaining 238.10 EUR will be calculated based on current market selling price, and paid in USDT from your Funding Account.
Important Notes:
1. When a transaction on your KuCard is authorized,the amount is temporarily held in your Funding Account until the merchant completes the transaction. In cases of reversed authorizations, don't worry – any held EUR amount will be released back to your Funding Account as available funds.
2. The amount authorized may differ slightly from the final transaction value. This is due to a 3% buffer applied during the authorization process, to account for exchange rate fluctuations when the merchant completes the transaction. Rest assured, as any surplus amount will be refunded to your Funding Account. This feature is currently only available in select countries/regions.
3. KuCard supports one cryptocurrency and EUR for each transaction. Payments cannot be split across multiple cryptocurrencies. If the selected cryptocurrency's balance is insufficient, the card will switch to your next preferred currency.