Loadoo Prepaid Card Supports PayPal Withdrawals and Bitcoinby Fintechnews Switzerland February 26, 2017
Loadoo LLP, a company registered in the UK, provides a prepaid payment card which users can load through PayPal or via bitcoin.
Loadoo offers virtual and plastic cards that are available in euro, US dollar and British pound. The company is particularly targeted at two audiences: PayPal users who are looking for an alternative to bank card to withdraw their funds and spend their cash online or offline; and bitcoin users who are looking for a prepaid payment card that can be easily loaded using cryptocurrency.
For all third-party merchant withdrawals into Loadoo cards, such as PayPal, Skrill and betting sites, users need to get verified and provide full identity details. Being verified allows them to get higher limits for withdrawals. The process is done remotely, 100% online.
The company claims to have 12,000 registered users and sold 6,500 cards. Clients are mainly users in Europe who are typically online traders, freelancers, online marketers and remote workers.
Loadoo is currently running an affiliate program, allowing individuals to earn cash by inviting their friends as well as potential customers. Once a referral business activity (using a special link) is detected, users are rewarded with Loadoo bonus points that can be converted into real money. The rewards go as followed:
- 20% from each card price;
- 0.5% from each Bitcoin load;
- 0.5% from each third-party load (PayPal and Skrill withdrawals, Amazon refunds, payouts from betting sites etc.).
The card itself costs US$7. The company charges a 3% foreign transaction fee and a US$1 monthly fee. Card load by bitcoin costs 2%, and Loadoo charges an additional 1% bitcoin exchange fee. Receiving money from PayPal or other merchants costs a 5% fee.
Loadoo is yet another provider of bitcoin prepaid cards, a concept that emerged a few years ago aimed at bridging the Bitcoin world with traditional finance.