Luno has a mission of empowering half the world’s population by handing them open, efficient and inclusive financial systems. The financial platform launched in 2013 at the rise of the cryptocurrency drive. Since then, Luno has solidified its base as a giant in the crypto world. They do this by helping individuals access these cryptocurrencies wherever they are with zero hassle or stress. An important question to be answered in this article is, does Luno accept prepaid cards on its platform?
Does Luno Accept Prepaid Cards on its Platform?
Luno constantly updates the features on its platform, giving users the ease and comfort they need in carrying out transactions. Luno now offers the feature of adding money to the Luno wallet via credit and debit cards, but prepaid cards are not fully available currently.
Why Use Prepaid Cards on Luno?
Luno offers a relatively easy means of updating your account and including the multiple payment methods allowed on the platform.
Prepaid cards are called everyday cards. They enable easy transactions different from the experience provided by debit and credit card providers. A huge advantage offered by this payment method is the prevention of debt accumulation offered by Credit cards. They are essential for making financial plans and budgets. Unlike debit cards, the prepaid option limits purchases to the available balance, therefore, cases of overspending can be drastically limited to just the amount available in the account
Another reason people opt-in to using prepaid cards despite increased fees charged per transaction is the speed. Purchases through this channel are instant and the money reflects almost immediately in the buyer’s wallet.
What Prepaid Cards are Accepted on Luno?
There are multiple types of prepaid cards. Some of them include; General Purpose reloadable prepaid cards, Non-reloadable prepaid cards, prepaid gift cards, prepaid travel cards, etc.
The prepaid cards accepted on Luno are;
1. General-Purpose prepaid cards: These types of prepaid cards are known also as Open-loop prepaid cards. The open-loop prepaid cards function like regular debit cards. They come branded with popular payment provider logos on them such as Mastercard, Visa, and Verve.
Payments to Luno via this type of prepaid card are accepted. And can be used easily for all types of transactions on the platform.
2. Reloadable Prepaid Cards: This type of prepaid card also falls under the General Purpose prepaid card category. They enable holders to reload and recharge their balance on the account linked to the card. This means that in the case of exhaustion of funds found within the account, the top-up is allowed into the card.
They are also a type of prepaid card accepted on the Luno Platform.
3. Gift Cards: Gift cards can be issued by banks but are closed-loop and restricted, depending on the card, to certain platforms and retail stores. Gift cards are not reloadable and also have shorter expiry dates compared to other prepaid-type options. However, they are accepted on the Luno platform as a cash alternative provided that the card is in alignment with the Luno platform.
How to Add my Prepaid Card on Luno
This option is termed Instant buy on the Luno platform. It eradicates the need to add money to your crypto wallet before purchasing currencies. The process is fairly simple, allowing users to skip straight through and use their debit cards for purchases.
The process includes:
1. The first step is selecting the wallet where the purchase is likely to be made, this is relevant for users with multiple wallets on the platform.
2. After this, the buy option should be selected from the list displayed.
3. After selecting the buy option, then click the Add card or Add a new card, if you’re inputting a new card.
4. After this selection, enter the card details, including the card number, CVV and other important card details listed. Then select Add card.
5. The next screen that will be displayed will be a prompt to add the amount of currency to be purchased.
6. After selecting the amount of money that you want to purchase, select Next on the options displayed.
7. A confirmation screen pops up asking you to ascertain that the amount specified is the amount to be purchased, if the value correlates, click Confirm.
8. For users who have the two-factor authentication option turned on, a 60digit code will be sent for confirmation of transaction and verification of intent.
9. After all these are confirmed and done, and the payment checkout is also completed, the payment system will then be put in motion.
10. After some time, your money will be reflected on the payment dashboard.
Luno has grown to become one of the world’s largest payment platforms accepting multiple payment methods. With headquarter in London, the crypto exchange platform has expanded operations to over 40 countries. The company makes it easy for users to create wallets, facilitating payments and different transactions.
Frequently Asked Questions
1. What are the payment options available on Luno?
Luno offers multiple payment options, making it easy for users to deposit and withdraw from the platform. These different payment options are;
- Cash and cheque deposits
- E-wallets and other digital payment methods. Some examples of this are Cryptopay, BitPay, CoinGate, etc.
- Personal debit and credit cards issued by Mastercard and Visa.