Crypto wallet and payment platform Ka.app announced the availability of its cash feature to European Economic Area (EEA) customers on September 19, 2023.
Called Ka. Cash Beta, the first installment of the app’s cash functionality allows you to send and receive euros in the app for free with other Ka.app users, create your own IBAN to easily send or receive funds to or from external bank accounts, convert crypto to cash and vice versa, and so much more.
Why Is It Called Ka. Cash Beta?
In the tech industry, the term ‘beta’ refers to a pre-release version of a software or product. And since Euros and IBAN are not the only cash features Ka.app plans to offer to its users, the team decided to call it Ka. Cash Beta for now.
Ka.app is still working on more cash offerings, such as the Ka. Debit Card and being able to use your credit card in the app for buying crypto.
Top 6 Benefits of Activating Cash on Ka.app
Before the step-by-step guide, let's discuss some of the benefits you can enjoy when you activate cash on Ka.app.
1. Free euro transfers with other Ka.app users
Need to transfer funds to a friend or loved one? You can send and receive euros for free in Ka.app when transacting with other Ka.app users. Just get their mobile number or QR code, enter the amount you want to transfer, then confirm with your PIN code, and you’re done. It only takes a few seconds.
Meanwhile, in case you didn’t know, you can also send crypto & Bitcoin for free on Ka.app if the recipient accepts the payment in the same currency. Automatically converting payments to your preferred crypto is also possible with the swap crypto service.
2. Easy crypto-to-cash and cash-to-crypto conversions
Effortlessly switch between crypto and cash any time you want. Whether you need to prevent losses during the bear market, buy crypto with cash, sell crypto for withdrawals, or hop on earning opportunities, the convert feature is easy to use and quick to deliver.
3. Purchase your preferred crypto effortlessly
Seamlessly deposit cash into the app straight from your bank account with your own IBAN on Ka.app. This will enable you to buy crypto with euros and use your tokens as you please—to trade, stake crypto, send crypto remittances, hold them for potential long-term gains, and more.
4. Cash out your crypto efficiently
Your Ka. IBAN makes it efficient to wire out funds from the app. All you need to do is convert your crypto to euros, withdraw funds from the app by entering the details of your external IBAN, enter the amount of euros you want to withdraw, and confirm the transaction.
5. Receive salaries or payments hassle-free
The speed and efficiency of blockchain technology, especially for cross-border transfers, has made crypto more attractive for organisations and individuals as a payment method. More and more companies and individuals are using crypto for salaries, and crypto adoption is also growing in the e-commerce and consumer goods sectors.
The good thing is, when you set up your cash account on Ka.app, you can already receive salaries and payments in euro with the same speed and convenience that crypto offers. Just share your Ka. IBAN details with the payor, or encourage them to create their own Ka.app account so they can also enjoy free euro transfers.
6. Pay your bills conveniently
Another benefit of activating your Ka. IBAN is being able to sort your utility bills in just one place. You can conveniently use crypto for recurring bills by going through the same process of converting crypto to euros and transferring euros to other Ka.app users or external IBAN.
How to Activate Your Cash Account on Ka.app
Now down to the specifics. Here’s how you can activate your cash account on Ka.app:
- Log in to the app.
- Go to the home screen and tap the two-card icon at the bottom.
- The Activate Cash Beta screen will appear. Read the Cash Policy, then tick the box beside it if you agree with the terms and conditions.
- Tap Activate Cash. For your security, you will be asked to verify your account.
- Provide a valid ID.
- Take a selfie.
- Create a PIN code.
- Add biometry.
- Your submission for identity verification will be reviewed and once approved, you’re good to go. Welcome to Ka. Cash Beta!
Final Thoughts
Activating Ka. Cash Beta requires a few easy steps, and you can complete them within minutes. If you encounter hurdles along the way, please go to the app’s live chat for customer support.
Finally, if you’re excited about the Ka. Debit Card or want to stay updated about what’s going on behind the scenes, we post regular progress updates about our developments on the Ka.app blog. Exciting announcements, crypto giveaways, and valuable info about the crypto market are also available on our social media accounts. Be sure to stay connected, Kastian!
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FAQ
What is IBAN?
IBAN stands for international bank account number. It’s a unique identifier for a standardised system that enables a more secure and efficient way of sending and receiving international payments.
How much are the fees for IBAN transactions on Ka.app?
Ka.app charges €1 for incoming Single Euro Payments Area (SEPA) transactions. On the other hand, the outgoing SEPA fee is a minimum of €1 or 0.19% of the transaction amount, whichever is greater.
What is SEPA?
SEPA is an initiative established by the European Union (EU) which aims to make cross-border euro payments as easy and affordable as sending money within your own country. SEPA applies to all 27 EU member states as well as several other countries in Europe, such as Iceland, Liechtenstein, Norway, Switzerland, Monaco, and San Marino.
When will you bring Ka. Cash Beta to my region?
Ka. Cash Beta is only available in the EEA as of writing, but we’re working on making it available in other regions as well. You can stay informed about any updates by joining the waitlist.
