CoinsOnCards

    Issued by SR Saphirstein AG (Fiat24) — FINMA FinTech license (Art. 1b Swiss Banking Act) - allows acceptance of public deposits up to CHF 100 million

    Morph Pay CardReview

    A hybrid-custody virtual Mastercard with a Swiss IBAN, using NFTs to set fee tiers for spending tokenized fiat on Arbitrum.

    3.0· Updated: Black and Platinum programs concluded September 6, 2025
    Visit issuer
    Cashback
    Up to 0.00%
    Custody
    hybrid
    KYC
    full
    Networks
    —
    Monthly fee
    Free
    Available in
    —

    The verdict

    Best for: Digital nomads spending tokenized fiat with a Swiss IBAN.

    Skip if: You live in the US/Canada or need a physical card.

    • Get a Swiss IBAN to spend tokenized fiat via a virtual Mastercard-network card.
    • Top-up fees are 1% but drop to 0.125% with a 2-digit NFT.
    Get the Morph Pay Card

    How it works

    • - Personal Swiss IBAN account for each user
    • - Multi-currency balances (USD, EUR, CHF, CNH) under a single IBAN
    • - Instant virtual card issuance after KYC
    • - Tiered fees and limits based on Fiat24 NFT ownership (2 to 8 digits)
    • - Tokenized fiat balances (e.g., USD24, EUR24) as ERC-20 tokens on Ethereum/Arbitrum
    • - Alchemy Pay integration for on/off-ramps in 173 countries
    • - Send and receive transfers via SEPA and SWIFT

    Funding: Crypto (USDC, USDT, ETH) · Web3 wallet connect (MetaMask, WalletConnect)

    Fees

    BankingSEPA: true · SWIFT: true · IBAN: true · Virtual accounts: true · Personal Swiss IBAN account for each user. Multi-currency balances (USD, EUR, CHF, CNH) within the same account. Send and receive transfers via SEPA, SWIFT, and SIC payment systems. Processing times: SEPA same-day or next-day, SWIFT 1-3 business days, internal Fiat24 transfers immediate.

    Borrowing terms

    No overdraft or credit facilities available

    Custody & risk

    • If the issuer disappears
      If the provider disappears, users retain their on-chain fiat tokens but may lose the ability to redeem them for real-world fiat. Fiat funds are NOT covered by Swiss deposit insurance.
    • Counterparty risk
      If provider disappears, users retain on-chain fiat tokens but may lose ability to redeem for real-world fiat
    • Regulatory risk
      Fiat funds are NOT covered by Swiss deposit insurance
    • Regulatory risk
      FINMA FinTech license is not a full banking license - cannot lend deposits, limited to deposit-taking up to CHF 100 million

    Users hold private keys for their Web3 wallet, which contains the account NFT and tokenized fiat balances (ERC-20 tokens). Crypto is self-custodied until it is topped up and converted into tokenized fiat. These fiat tokens represent a claim on the provider, SR Saphirstein AG.

    Protections

    • Web3 authentication using private key signatures
    • 3-D Secure (OTP via email) for online transactions
    • Card lock/unlock functionality
    • Budget-approval controls in app
    • Transparent on-chain verification of balances
    • Biometric passport/ID verification (ePassport)
    • Selfie verification with GPS location check

    Insurance & coverage: No explicit crypto insurance mentioned. Fiat funds NOT covered by Swiss deposit insurance.

    Limits

    notes
    Monthly account transactions: $100,000 (Standard) to $10,000,000 (Ultimate). Minimum balance of 10 EUR/CHF/USD required to activate card.
    daily spending
    €10,000 - €500,000 depending on tier
    monthly spending
    €20,000 - €1,000,000 depending on tier

    The good

    • Low top-up fees, down to 0.125%.
    • High spending limits up to €500,000/day.
    • Instant virtual card issuance after KYC.
    • No-fee FX with matched multi-currency balances.

    The catches

    • Unavailable in US, Canada, and 45+ countries.
    • Virtual card only; no physical option.
    • Premium tiers require purchasing a Fiat24 NFT.
    • No PIN; uses 3DS email OTP.

    Limitations

    • majorNot available in US, Canada, and 45+ other countries including sanctioned regions
    • majorFiat balances not covered by Swiss deposit insurance
    • moderateVirtual card only - no physical card option
    • moderatePremium tiers require NFT purchase with specific digit counts
    • moderateBlack/Platinum rewards programs discontinued
    • moderateComplexity may present barriers for less crypto-savvy users
    • minorNo PIN for card - relies on 3DS email OTP for online security
    • minorNo interest on fiat balances
    • minorNo overdraft or credit facilities

    Where rewards don't apply

    • OFAC-sanctioned regions/entities — Regulatory compliance
    • Automated fuel dispensers — Merchant category restriction
    • Money transfer services — Merchant category restriction
    • Securities brokers — Merchant category restriction
    • Gambling/lottery/casino — Merchant category restriction
    • Charities — Merchant category restriction
    • Civic/social/fraternal organizations — Merchant category restriction
    • Political organizations — Merchant category restriction
    • Religious organizations — Merchant category restriction

    Recent activity

    • September 6, 2025
      Black and Platinum Programs Concluded
      Morph announced the official conclusion of the Morph Black Card and Morph Platinum Card programs. A refund program was launched for eligible participants with claim deadline October 17, 2025.

    What users say

    No public user ratings available yet

    Rating breakdown

    Net reward
    1.0
    Custody risk
    3.5
    Availability
    3.5
    Features & convenience
    3.0

    See our methodology for how we score each axis.