December's AMA Recap: The Nexo Card Updates & New Features
A trailblazing product, designed to become the only card one will ever need. It’s a tall order and one that we’ve started executing since April 2022 with the Nexo Card, mind you. Since then, the team lead by Project Manager Silvi Angelov has expanded the product to offer new features that continue to provide an ingenious spending and saving solution for Nexo users. So a revisit in a Nexo AMA was called for.
Magy serves as a welcome host in our signature series, this time to delve into all the updates on the Nexo Card with thoughtful questions from our community. It all made for an insightful discussion – read on for the brief recap or check out the full video below.
- Current State and Achievements 🌐
Nexo PM Silvi started off by highlighting the journey of the Nexo Card over the past year and a half, emphasizing its role as a pioneering crypto credit card. Ensuring the technical integrity of the product as a regulated financial institution and building trust among millions of customers have been the focus of work in the earliest stages of the Nexo Card.
With a solid foundation to build on, Silvi shared his optimism for expansion into new markets globally. When it came to partnerships in the space, he couldn’t stress enough the importance of collaboration between a premium provider such as Mastercard on one hand and Nexo’s crypto-specific expertise. The synergistic partnership allows for focus on respective strengths, which enables Nexo to develop superior services, benefiting a broader audience and avoiding the pitfalls of trying to reinvent existing successful systems, Silvi explained.
Looking ahead for the Nexo Card, Silvi underscored the practicality it provides in countries like Argentina specifically, where crypto adoption is rapidly growing due to factors like high inflation.
- Upcoming Features 💼
Taking on a round of questions, Magy addressed a community request on the possibility of disposable payment cards. Reassuringly, the feature is in the pipeline, expected within 2024 with plans for it to extend to both credit and debit transactions. For those eager to explore this option sooner, Magy shared a clever workaround using virtual cards.
Community member Jo Razzano enquired about additional benefits across music, video streaming and travel services. The Nexo host responded that the focus in the short and medium term will be on enhancing the loyalty program in 2024 to provide a much more personalized experience for users, without eliminating such potential offers. The goal is to provide flexibility and choice, aligning with modern consumption habits where individual preferences vary widely.
- The Nexo Card Evolution 🔍
In a deserved hat-tip to our community Magy acknowledged the significance of their input, highlighting two major achievements driven by user feedback: the introduction of Crypto Spend and Debit Mode features, on top of the highly-requested visualization of assets in different currencies.
On his side, Silvi was happy to affirm that insights and alerts, such as spending trends, categories, and monthly statements are planned for the second quarter of 2024. He also laid out the possibility for partnerships to facilitate proper merchant identification, transaction categorization, and the eventual creation of an analytics hub to track spending. According to him, it is all about inclusivity and user-friendliness – a card for everyone, where everything can be configured with a single tap in the Nexo mobile app.
The vision is to create a versatile solution that caters to various use cases, simplifying financial management for users with different needs. You see – it’s all about tall orders with Nexo.
