RelayPay cryptocurrency card and app
- Fiat currencies
- 21
- Supported assets
- 19
Summary
RelayPay enables individuals and businesses to make use of cryptocurrency funds for real-world applications.
- Provides individuals and businesses near-instant cryptocurrency-to-cash transactions through a user-friendly interface.
- The selection of cryptocurrencies is limited to 19 tokens.
Details
Product details
| Product Name | RelayPay |
| Fiat Currencies | AUD, USD, EUR & 18 more |
| Cryptocurrencies | BTC, ETH, SNX, AAVE, COMP, LINK, YFI, RENBTC, WBTC, USDT & 5+ more |
| Deposit Methods |
Bank transfer (ACH) PayID |
| Trading Fee | Dynamic fee based on the spread |
| Deposit Fees | None |
| Withdrawal Fees | None |
Which fiat and cryptocurrencies are supported?
- Supported fiat currencies: AUD, USD, EUR
- Supported cryptocurrencies: Approximately 19 cryptocurrencies
Which payment methods are accepted?
- Bank transfer (ACH)
- PayID
What's it like to use RelayPay?
RelayPay is an exchange and finance platform that aims to make the connection between cryptocurrencies and cash as simple as possible. In its own words it is "bridging the gap between traditional finance solutions and digital currencies". If you hold cryptocurrencies or are looking to purchase cryptocurrencies and want an easy way to spend them as cash, RelayPay may be an option.
Along with simplifying the connection between cryptocurrencies and cash, RelayPay has tried to keep its platform as user-friendly as possible. To demonstrate what the user interface is like, let's go through a few of its web pages.
1. Buy crypto
By integrating with both local and international exchanges, RelayPay is able to offer the best possible exchange rates for cryptocurrency purchases. All order books are scanned and the best exchange rate chosen. Cryptocurrency purchases are then sent straight to your chosen digital wallet which ensures the platform remains non-custodial, leaving the user in control of their digital assets.
2. Sell crypto
Along with offering the ability to purchase cryptocurrencies, RelayPay places a large emphasis on allowing users to cash out and spend their cryptocurrency funds. Users can sell digital assets at the best possible exchange rate and transfer them to any Australian or international bank account.
3. Pay bills
RelayPay provides the opportunity to pay bills using cryptocurrencies. Users can upload digital assets to the RelayPay digital wallet and once ready to pay all they require is a biller code and the associated BPAY reference. After entering the billable amount and confirming, the payment will be instantly executed, with the crypto-to-cash exchange completed in the background.
4. Borrow funds
A unique feature coming soon to RelayPay is instant crypto-backed loans. By depositing cryptocurrency assets as collateral, users can receive a loan with a 50% loan to value ratio (LVR). The process can be completed without the need for credit checks. A fixed 5% interest rate will be applicable to all loans with a 12-month window to repay funds. At the time of writing, for a loan of $5,000 a deposit of 0.15452 Bitcoin would be required.
Fees and limits
RelayPay keeps the hassle of additional fee payments to a minimum. Any trading fees for purchases, transfers and payments will always be all-inclusive which means a user will know exactly how much the service will cost.
Account and card fees
Trading fees are dynamic and based on the spread offered by the chosen cryptocurrency exchange. As RelayPay relies on multiple exchanges to offer the best price this fee will vary. Fees will always be included in the total amount.
Deposit and withdrawal fees
There are no deposit or withdrawal fees on RelayPay. Users can withdraw or deposit funds at any time.
How much does it cost to buy $1,000 worth of Bitcoin?
For $1,000, at the time of writing, RelayPay would be able to purchase 0.01517 Bitcoin. There is no extra associated fee. A user will only pay the $1,000 entered. A blockchain transaction fee will be required but will be included in the total and will not be additional to the $1,000.
How fast will my funds be available?
- Cryptocurrency purchases in RelayPay occur in real time, with assets deposited within your digital wallet in seconds.
- Cryptocurrency transfers can take slightly longer than instant purchases but the detailed payment signature is provided so that you can track your transaction.
Is RelayPay safe to use?
- To promote the safe use of blockchain technology for improving the digital economy RelayPay is certified by the industry body, Blockchain Australia.
- The company is also registered with AUSTRAC as a Digital Currency Exchange and Independent Remittance Dealer, so it complies with all regulations required. The exchange is checked by the Australian Transaction Reports and Analysis Centre.
- RelayPay requires all users to verify their ID before utilising any of the features on the platform. This requires a copy of a photo ID to be sent to the exchange for verification. Thanks to biometric matching 80% of consumers are approved within two minutes or less.
- Only regulated international exchanges are used in the order-matching system.
- Multiple payment options including PayID, Osko, POLi, Mastercard, Visa and cash-in options will soon be added.
- RelayPay is a non-custodial platform meaning a user always remains in control of their digital asset private keys. A user can interact with RelayPay via any personal digital wallet.
How do I create an account at RelayPay?
Opening an account at RelayPay is straightforward. The level of "know your customer" (KYC) data depends on the account option that you select.
- RelayPay. Head over to the RelayPay exchange and click on "Open account".
- Select account type. Choose which account is applicable for you. Choices include personal, business or commerce.
- Personal details. Fill in the details on the subsequent page to create your account. Read through the terms and conditions then click "Open account".
- Six-digit code. A verification email will be sent to the provided email address. The verification email will contain a six-digit code which will need to be entered on RelayPay.
- Account access. Once confirmed you will then need to log in using the supplied details to gain access to the platform.
- Feature access. To gain access to features on the platform you will need to verify your identity by sending through a photo ID to the RelayPay team.
Borrowing through RelayPay
RelayPay is about to release a "Crypto-backed Loans" feature. Many cryptocurrency investors at some point may need to free up cash but do not wish to part with cryptocurrency investments. RelayPay's crypto-backed loans solves this problem of illiquid assets.
A user's cryptocurrency assets can be deposited onto the RelayPay platform and held as collateral against the cash loan. The user can then utilise the cash flow without the need to sell their digital assets.
An LVR of 50% is required for all loan payments. This means that for a $100 loan, a $200 collateral deposit will be required. Loans incur a 5% fixed interest rate and have a repayment window of 12 months.
Paying bills through RelayPay
Paying bills is a daily occurrence, but is not something that has been easily accessible for cryptocurrency holders. However, RelayPay has spotted the need and has now opened the cryptocurrency world to fast bill payments.
Cryptos can be used to pay credit cards, home loans, car leases – any bill that provides a BPAY biller code. Through the platform your cryptocurrency will be initially converted to the required fiat currency then sent for payment. Cryptocurrency exchanges will be completed at the best possible price among RelayPay's multiple exchange providers.
What else do I need to know about RelayPay?
RelayPay was launched in 2019 with an aim to ease the transition from cryptocurrency to cash for thousands of Australians. With an impressive development and advisory team, including the head of product and VP of partnership from the Synthetix DeFi protocol, RelayPay has been in strong hands from day one.
As cryptocurrency adoption increases, the need for it to be accessible grows with it. Targeting both personal and business applications, the RelayPay team has tried to improve both cryptocurrency transaction times and acceptance, while keeping the process as simple as possible for consumers.
For cryptocurrency purchases and sales, RelayPay utilises an aggregator model to compare the exchange rates from a host of regulated cryptocurrency exchanges around the world. This allows users to find the best exchange rate without scanning individual exchanges.
Alongside simple purchases and sales, RelayPay uses the aggregator model to offer cryptocurrency bill payments and, very soon, crypto-backed loans.
While the needs of individual consumers is only too apparent, the same accessibility is becoming increasingly required for businesses. Through RelayPay's business and commerce platforms, companies can accept Bitcoin, Ethereum and USD stablecoins as a form of payment and use cryptocurrencies for business transactions. These cryptocurrency transactions can be allocated to over 20 different currencies. Cryptocurrency payment solutions can be integrated with multiple ecommerce platforms such as Shopify and WooCommerce.
This level of flexibility with payment options is something many "early adopters" of cryptocurrencies are continually searching for. The current cryptocurrency market is an untapped consumer market worth nearly US$1 trillion, which makes it important for trade.
In the future RelayPay even hopes to offer crypto-to-cash withdrawals from ATMs for an even easier method of utilising those cryptocurrency funds.
In a nutshell
Pros
- Instant cryptocurrency purchases and sales offered at the best available exchange rate
- Cryptocurrencies can be used to make bill payments within 24 hours
- Acquire loans that are backed by cryptocurrencies
- Keep control of your digital assets at all times
- Allows customers to pay businesses in crypto
- Can integrate with multiple ecommerce platforms
Cons
- Limited number of cryptocurrencies on offer
- Requires a certain level of KYC data before features become available to users
Compare RelayPay against other crypto exchanges
Frequently asked questions
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