A prepaid Mastercard for a crypto balance, published by a Costa Rica operator that keeps its fee card to itself

Updated October 2026

Licensed

Available in US

Fast payouts

18+ Only

If you are reading this, you are probably in one of two situations. Either you have money in a crypto wallet and no ordinary bank card that works where you live or travel, and you are looking for something that spends it. Or you already have a card that does that job and you are comparing prices. Both of you should read the same three facts about CoinPay first: it is an international Mastercard debit card, physical and virtual; you have to clear a Level 2 enhanced verification before a card is issued; and the card’s public pages do not disclose an issuance fee, a monthly fee, a conversion fee, a foreign-exchange fee, or an ATM allowance. Everything else in this review hangs off that third fact. A card that says “service costs are charged, including sending and distribution of cards” and then stops is not a card you can budget around — it is a card you have to ask questions of before you trust it with your spending.

The other thing worth saying up front: CoinPay’s story is unusually strong on acceptance and unusually thin on the paperwork. It works wherever Mastercard is accepted, there is no country-by-country card list, ATM cash withdrawal is supported, and you get instant block, PIN change, spending limits and real-time notifications in the app. That is a real set of features, not a brochure. Set against it, the issuer is not named, the licence numbers are not published, and the same list of countries appears whether you are opening an account or asking for a physical card delivered to your door. I scored it 5.3 out of 10 — not because anything looks wrong, but because the things you cannot see are exactly the things you need.

If you are in Costa Rica or elsewhere in Latin America, hold both a crypto balance and colones or dollars, this is one of the few cards in the category built around that combination rather than built around euros. That is its real audience and the reason it exists. For everyone else, read the cost and funding sections before you read anything else, because that is where the information runs out.

*Conditions described are current as of October 28, 2026.*

Verdict: 5.3 out of 10

Here is how the score is built up, one line per criterion, with the reason as I read it rather than as a rating agency would phrase it.

Two things are doing most of the damage to that average, and neither is a scandal. The top-up line is the lowest at 4 because “you can top up with crypto” is only half an answer when the provider will not tell you which coins or which networks. Send USDT on Tron when the provider expects it on another network and the deposit can be lost, because blockchain transfers are irreversible and the network cannot reverse them. The cost line sits at 5 for the same reason it would sit at 5 for any provider with a private pricing page: you cannot assess a price you cannot see.

Reliability is a 5 not because of complaints — I found no Trustpilot or Reddit presence for CoinPay.cr at all, which cuts both ways, since silence is not a track record — but because the stack above the app is unnamed. Raw Industries CCM S.R.L. is the technology operator in Costa Rica; JPC Solutions S.R.L. provides financial services; the operation runs as a Virtual Asset Service Provider under Costa Rican law with no licence numbers published; and the bank that actually issues your Mastercard is not identified anywhere in the public material. In this category that matters more than it might seem, and I will explain why in the risk section.

Who this suits: a Costa Rican or Latin American user who holds both crypto and colones or dollars, needs a Mastercard rather than a Visa, and is willing to spend an afternoon in verification before a card appears. Who it does not suit: anyone who plans around a fixed monthly budget for the card, anyone who needs to know before applying whether their crypto will actually work on their network, anyone in one of the seventeen countries whose verification requests are refused, and anyone who needs Apple Pay or Google Pay and will not open a support chat to find out.

Who will they give you the card

They will give it to you in almost any country, and then not give it to you in a specific list of seventeen. Both halves of that sentence are true at the same time and I want you to hold them together.

The card itself is not geographically fenced. It is an international Mastercard debit card, so wherever Mastercard is accepted, the card works — and there is no per-country card list, which is unusual and, on its face, a genuine advantage over cards that announce a “supported countries” page you have to check before you start. A merchant who accepts Mastercard accepts this card.

The verification process is where geography appears. CoinPay states that it does not accept verification requests from people in Cuba, Pakistan, North Korea, Iran, Syria, Crimea, the USA, Canada, Ethiopia, Iraq, Serbia, Sri Lanka, Trinidad & Tobago, Tunisia, Vanuatu, Yemen, Russia and Belarus. That list mixes sanctions-related countries with others — Serbia and Sri Lanka are not on the sanctions list in the way Iran or North Korea are — which tells you the list is a risk policy rather than a pure legal screen, and risk policies get updated without much notice.

What the public pages do not tell you, and what I could not resolve, is the basis for the refusal: is it your citizenship, your country of residence, where you were born, or your passport? Those are four different tests with four different footprints. In the EU, where the rules are explicit, nationality is recorded and screened separately from residence, because sanctions screening is applied to citizenship and country of birth as well as country of address. Costa Rica does not publish the equivalent detail for this card, so if you hold a passport from one of those seventeen countries but live legally elsewhere, you are in the grey zone and the honest answer is that you will not know until you try. Ask before you upload documents.

The age rule is also not stated for CoinPay specifically. As a general matter in this category, prepaid and debit cards are generally available to adults aged 18 and over, and some issuers set higher limits. If you are under 18, treat this card as out of reach until the provider says otherwise in writing.

How to get it

The application runs through identity, source-of-funds and risk checks, and there are two levels. Level 1 carries no preset monetary limits but issues no cards at all. Level 2 is the one that matters if you want a card: it requires enhanced verification — identity, residence and the origin of your funds or income — plus CoinPay’s approval, and it covers card issuance.

That is the whole shape of it. What is not stated: which documents are accepted, whether a proof of address is required separately, what the minimum age is, how long processing takes, and what reasons lead to a refusal. Four unknowns stacked on the single step that decides whether you get a card at all. Budget for the possibility that the first submission does not go through, and keep scans of everything in one folder so a second attempt is not a second afternoon.

On the card itself: international Mastercard, available physical and virtual, with the virtual card issued on request in the app. The card currency is not stated, which quietly matters — a card with an unstated currency is a card whose conversion behaviour you are guessing at. A physical card is delivered to your address; delivery countries, delivery time, delivery cost and replacement terms are all not stated. If you are outside Costa Rica, ask what delivery looks like and what a lost card costs before you order one.

One practical note about the two levels: because Level 1 excludes cards, there is no sensible way to “try the service first” and decide later. You go for the verification that costs you time, or you don’t get a card.

Fees: what it really costs

This is the section I would not skip, and I would not let anyone skip it for me either. The honest summary is that CoinPay’s public pages disclose no prices. Not stated: the card issuance cost, any monthly or annual fee, the crypto-to-fiat conversion fee, the foreign-exchange fee, and the ATM withdrawal fee and allowance. What the site does say is that service costs are charged, including the sending and distribution of cards.

So here is the table, and I want to be precise about what it means: I am not reporting low fees. I am reporting absent ones. Every row below is a line item you will need to get an answer to.

That last row is the one genuine piece of good news in the table. Setting your own spending limit in the app gives you a hard boundary on what a compromised or misused card can cost you, whatever the fee schedule turns out to be. Set it before you need it.

Now let me walk through three everyday payments, because the fee structure of a card like this is best understood at the till rather than in a pricing table.

Coffee, in colones, on a balance you already funded. This is the payment CoinPay is best at. You hold colones in the account, you tap, and whatever the card’s own fee structure is applies — and I cannot tell you what that is. If the balance is already fiat, no crypto conversion happens at the moment of purchase, so the conversion fee, whatever it turns out to be, is not in the path. This is the payment to use for learning how the card behaves.

A subscription bought online in dollars, funded from a crypto balance. This is where two unknowns collide. If the card’s currency is not the dollar, a foreign-exchange conversion happens and its cost is not stated. If your crypto is converted to dollars first, a conversion fee applies and it is not stated. You may also be asked for a 3-D Secure confirmation — Mastercard’s brand of it is called Identity Check — which adds a step, and if your billing address does not match what the merchant expects, the payment can be declined for reasons that have nothing to do with your balance.

Withdrawing cash at an ATM. Supported, fee and allowance not stated. Cash withdrawal is also the most likely way to run into a per-transaction or per-period cap, and since no daily or monthly amounts are published, the cap you discover will be discovered by being refused. In a country where the ATM network is thin or the currency is not the dollar, that is a real constraint rather than a detail.

The pattern across all three: the payments where everything is already in the right currency are predictable except for one unknown, and the payments where a conversion happens are unpredictable by two unknowns at once. That is the whole cost story, and it is incomplete.

How to top up the card

Top up from your account balance, and the balance can be held in cryptocurrencies, dollars, colones or other fiat. Coins and networks not listed. Card top-up terms not stated. Withdrawal terms for cards not stated either, though a separate “Reception and withdrawal” bank service appears in the site’s own navigation without any terms attached to it.

Read that again and notice how much weight it carries. “You can top up with cryptocurrency” sounds like flexibility and is really a specification with blanks in it. In this category the difference matters enormously. A stablecoin such as USDT or USDC exists on many blockchains — USDT has been issued on Ethereum, Tron, Solana, Polygon, Avalanche and others, and Circle listed USDC as natively supported on 38 networks as of 16 September 2026, including Ethereum, Solana, Base, Polygon PoS, Avalanche, Arbitrum and Stellar. Sending the right token on the wrong network is a common and expensive mistake, and blockchain transfers are irreversible: a deposit sent on a network the provider does not support, or to an address belonging to another network, can be lost or need manual support recovery with no guarantee. If CoinPay does not name its networks — and it does not — then the only safe procedure is to ask support directly, in writing, and keep the answer.

Two more general facts belong here, because they change what “top up with crypto” is worth. First, on-chain network fees for your deposit are charged by the blockchain, not by the card provider, so the cost of funding includes a network fee you have no control over. On Ethereum that means gas paid in ETH, which is why a wallet holding USDT and no ETH cannot send at all. Second, a stablecoin is not a guarantee. Stablecoins aim to hold a stable value against a fiat currency but, in the BIS’s phrase, are not necessarily stable: TerraUSD collapsed in May 2022 and USDC temporarily lost its peg in March 2023 during the US banking crisis. If your plan is “load it once, spend it for years”, the peg assumption is doing more work than any fee.

The honest position, then: the top-up *path* is clear and the top-up *specification* is missing. Multi-currency funding across crypto and fiat is a genuine design strength, and for a Costa Rican user holding both colones and crypto it is the reason to look here at all. What you cannot do today is plan a deposit without a support conversation.

Paying with it every day

Physical and virtual Mastercard, cash withdrawals supported, a PWA you install rather than a full app store listing, and a set of in-app controls that are better than most: instant block, PIN change, self-set spending limits, real-time notifications. On the reliability of those controls I have no complaint, and instant block plus real-time notifications is the combination that actually limits damage when a card goes missing.

Against that: Apple Pay and Google Pay are not disclosed. If adding the card to your phone’s wallet is a requirement rather than a nicety, that is a question for support, not something to assume. In this category mobile wallets work by replacing the card number with a device-specific number held in the phone’s secure hardware, with a fresh one-time code per payment, and an issuer can restrict a tokenised card — blocking it on magnetic stripe, on phone, or on website payments. Whether CoinPay supports any of that is simply not published.

Two more things about daily use that you should know rather than discover. Declined payments can leave a hold on your funds that stays for days, typically up to seven, so a failed online attempt can quietly reduce your available balance. And merchant category codes matter: a four-digit number classifying a business by what it sells, assigned when a business starts accepting cards. MCC 7995 covers gambling — casinos, betting, lotteries — and many issuers block it on specific cards by policy rather than by law, with the blocked list differing by issuer. Whether yours does is not stated.

Disputes are the weak point. The terms do not address them, and liability is limited to the fees you paid for the transaction — which reads as a narrow promise rather than a remedy. A chargeback is a refund ordered by the issuer to settle a dispute, with reason codes for fraud, duplicate billing or goods not received, and consumers in the US have reversal rights under Regulation E for debit cards while prepaid-card coverage varies and should not be assumed. None of that machinery is described here.

And the elephant: merchants can look up the BIN — the 6 or 8 digits at the front of your card number that identify the issuing institution — and see the issuer and country. When that country differs from your billing address, some merchants apply extra scrutiny or decline the payment outright, and some decline prepaid or foreign BINs by policy. You will not control which issuer appears on your CoinPay card, because the issuer is not named in the public material.

Support, at least, is easy to reach: WhatsApp, Instagram, Facebook Messenger and in-app chat, with a stated reply time of “within a few minutes”, and the site in Spanish, English and Portuguese. Hours are not stated. For a Costa Rican operation that is a reasonable package; for someone paying from another timezone it is a package with a gap in it.

What can go wrong

Let me separate what I found from what I inferred, because the distinction matters when you are deciding whether to trust a provider.

What I found. No official incidents. No Trustpilot page for CoinPay.cr, and no Reddit presence — one search returned other companies. That is genuinely reassuring in the sense that there is no visible pile of complaints, and genuinely uninformative in the sense that a provider with no public reputation gives you no track record at all. Reward programmes for the card are not stated. News and announcements are not stated.

Who is actually behind it. Raw Industries CCM S.R.L. is the technology operator, in Costa Rica. JPC Solutions S.R.L. provides financial services. The operation acts as a Virtual Asset Service Provider under Costa Rican law, with no licence numbers published. The card issuer is not named. Per the terms, the operator says it does not hold or custody user funds — the financial providers do — which is a reasonable structure to claim and not the same as being able to point at the institution responsible for your money.

Why the unnamed layers matter. A card payment involves at least three parties: the network (Visa or Mastercard) routes messages and sets the rules, the issuer — a bank or e-money institution licensed under that network’s licence — holds the card programme, and the crypto brand is often only a programme manager and front end. Visa and Mastercard do not themselves issue crypto cards to consumers; they license issuers, and they can suspend a programme. Visa said in November 2022 that it had “terminated our global agreements with FTX”, and the FTX US debit card programme was wound down by its issuer. WaveCrest, a Visa issuer that supplied crypto card brands, was suspended by Visa in Europe in 2018, closing all WaveCrest-issued Visa programmes. Closures follow a pattern: a notice period, then spending and loading stop, then users are asked to withdraw remaining balances. If you are ever in that position with money on a CoinPay balance, you are dealing with an issuer you cannot name from the outset, in a jurisdiction you did not choose.

What the regulation does not cover. MiCA, the EU’s markets-in-crypto-assets regulation, took legal effect in June 2023; its rules on asset-referenced tokens and e-money tokens applied from 30 June 2024, and the remaining provisions including crypto-asset service provider rules from 30 December 2024. Under it, e-money tokens may be issued only by a credit institution or an electronic money institution, and providers already operating under national law can continue only until 1 July 2026 or until they receive or are refused a MiCA authorisation, whichever comes first. ESMA keeps an interim register of authorised providers that you can check. In the US, FinCEN guidance treats administrators and exchangers of convertible virtual currency as money transmitters, while ordinary users buying things are not. Note what this means for a Costa Rican operation: MiCA is not its framework, and its own licence numbers are not published, so the register check that gives you reassurance elsewhere does not apply here.

The risks nobody advertises. If due diligence cannot be completed, EU rules require the institution to refrain from the transaction and, where necessary, end the relationship — which is why accounts get closed or frozen pending documents, and it can happen to you at Level 2 with no stated rejection reasons to appeal against. And if funds are held by a provider rather than by you, you carry counterparty and hack risk: Mt. Gox reported about US$350 million stolen between 2011 and 2014, Coincheck about US$400 million in 2018, and Ronin Network US$625 million in 2022. Self-custody reverses the risk rather than removing it — a seed phrase, typically 12 to 24 words, is an unencrypted private key that anyone who obtains it can use to restore the wallet and spend the funds, and stolen keys have no built-in recovery because the network cannot freeze or return them.

And if you hold crypto and spend it through a card, keep a thought about tax. The IRS treats digital assets as property, so exchanging them for goods or services generally produces a taxable gain or loss, measured in local fiat currency at fair market value on the date of the transaction — meaning each card payment funded from crypto can be a separate disposal. I am not giving you tax advice and you should not take this page as any; I am telling you that the tax question arrives with the card, and in most countries the answer depends on your own situation rather than on anything the provider publishes.

What to take instead

None of these is better on every axis. They are better on the axes CoinPay leaves blank, and that is the comparison you should actually be making.

Read that table the way I read it. Whop Cards is the most transparent about *who* — it names its 31 consumer states and 41 business states, which is more than CoinPay offers, and the same candour applies to its exclusions. It says “no extra fees” without listing amounts, so it has CoinPay’s problem in a milder form, and its US-state framing makes it irrelevant to most of the world. Stella scores highest at 6.5, and the reason is structural rather than cosmetic: it deposits crypto into a custodial account that automatically tops up the card, which is a simpler mental model than managing a balance yourself, and it gives both virtual and physical VISA cards. Against that, its country coverage is not stated at all, its terms bar users under economic sanctions programmes and route US and European users through affiliates — a wrinkle that tells you the licensing is not uniform — and no cashback is stated on the card page. UniFi Card is the least comparable: card details are thin, fees are a pointer to a website, and the useful information lives in an app listing rather than on official pages, which is not a basis for a decision.

The pattern across all four is the one I keep returning to: in this category, disclosed pricing and named issuers are rarer than disclosed features. If your deciding factor is “will this work in my country”, CoinPay is arguably the strongest of the four because it draws no country lines around the card itself. If your deciding factor is “will I know what I am paying”, none of them, on the public evidence, tells you.

Who I would recommend it to

I would recommend CoinPay to a specific person, and I would not recommend it to a specific other person, and the difference is worth more than the score.

I would recommend it to you if you are in Costa Rica or Latin America, you hold a crypto balance alongside colones or dollars, you need a Mastercard rather than a Visa, you want both a physical and a virtual card from one account, and you are willing to invest an afternoon in Level 2 verification and one more conversation with support. In that situation the multi-currency balance is a real design advantage over cards built around a single fiat rail, the app controls are genuinely good, the fee you may never pay because you keep your balance in the currency you spend is the version of this card that makes sense, and support reachable in minutes in three languages is not a small thing.

I would not recommend it to you if any of these is true. You need to know your monthly cost before you start — you will not find it. You intend to send USDT or USDC to a specific network — you will not find which networks, and irreversible transfers make that a bad way to learn. You are relying on Apple Pay or Google Pay — support, not disclosure, is your only route. You live in one of Cuba, Pakistan, North Korea, Iran, Syria, Crimea, the USA, Canada, Ethiopia, Iraq, Serbia, Sri Lanka, Trinidad & Tobago, Tunisia, Vanuatu, Yemen, Russia or Belarus, and citizenship rather than residence is what they test — that ambiguity is unacceptable if a refusal would cost you something. You are holding a large balance you would rather control yourself — the operator says it does not custody funds, which is fine, but the provider you are dealing with is not named and not licensed on its public pages. Or you simply prefer to know who issues your card before you hand over your documents — that is not paranoia, it is the lesson of every collapsed crypto card programme.

The honest summary is this: CoinPay is a functional, broad, thinly documented option from a Costa Rican operator, aimed at Latin American users who hold both crypto and fiat, and it is asking you for trust in the places where it publishes least. If you can get the three answers — your total monthly cost, the exact networks and coins accepted, and the name of the issuing institution — then this is a reasonable card. If you cannot get them, the 5.3 is telling you something true.

Frequently asked questions

What is CoinPay card?

CoinPay is a Costa Rica-based financial platform operating as a Virtual Asset Service Provider under local law, run by Raw Industries CCM S.R.L. as technology operator with financial services from JPC Solutions S.R.L. Its product is an international Mastercard debit card, offered physical and virtual, that spends a balance you can hold in cryptocurrencies, dollars, colones or other fiat. Licence numbers are not published and the card issuer is not named in the public material.

How does CoinPay card work?

You verify your identity, reach Level 2 status, and a card is issued against an account balance. You top that balance from crypto or fiat, then spend it wherever Mastercard is accepted. Structurally it behaves like a prepaid card more than a bank debit card: it draws on a stored balance rather than asking a bank to withdraw from a linked account at each purchase, which is also why most crypto cards work this way.

Is CoinPay a bank?

Not on the evidence available. It describes itself as operating as a Virtual Asset Service Provider under Costa Rican law, with a technology operator and a separate financial services provider, and no licence numbers published. Its terms say the operator does not hold or custody user funds and that the financial providers do. Whether it is a bank, an e-money institution or a programme manager is not something the public pages settle, so treat “is this a bank” as unresolved.

Who owns CoinPay?

Two companies appear. Raw Industries CCM S.R.L. is listed as the technology operator, based in Costa Rica, and JPC Solutions S.R.L. provides the financial services. No licence numbers are published, and the institution that issues the Mastercard is not identified.

Does CoinPay card require KYC?

Yes, and the requirement is heavier than a quick form. There are two levels: Level 1 has no preset monetary limits but issues no cards, and Level 2 requires enhanced verification covering identity, residence and the origin of your income or funds, with CoinPay’s approval. Level 2 is what covers card issuance. Which documents are accepted, whether proof of address is separate, and the minimum age are not stated.

Is CoinPay card available in my country?

The card itself has no country list — it works wherever Mastercard is accepted. What restricts you is verification: requests are not accepted from people in Cuba, Pakistan, North Korea, Iran, Syria, Crimea, the USA, Canada, Ethiopia, Iraq, Serbia, Sri Lanka, Trinidad & Tobago, Tunisia, Vanuatu, Yemen, Russia and Belarus. The pages do not say whether that test is citizenship or residence, so check before you upload documents.

How do I top up the CoinPay card?

From your account balance, which can be funded with cryptocurrencies, dollars, colones or other fiat. The specific coins and networks are not listed, which is the catch: transfers on a blockchain are irreversible, so sending the right token on the wrong network can be lost or need manual support recovery with no guarantee. Ask support which networks are supported before your first deposit.

Is CoinPay card free?

Unknown, and I would not assume yes or no. The public pages do not state an issuance cost, a monthly fee, a conversion fee, a foreign-exchange fee or an ATM fee and allowance. The site says only that service costs are charged, including the sending and distribution of cards. A separate “Reception and withdrawal” bank service is listed without terms, so you would need to ask for a written pricing breakdown.

Can I add CoinPay card to Apple Wallet or Google Pay?

Not documented. Apple Pay and Google Pay support is not disclosed on the public pages, so treat it as unknown rather than absent. This matters because mobile wallet support is issuer-controlled — a tokenised card number can be restricted to specific channels — so the answer is one support message away, but you should ask before you plan around it.

Is CoinPay card safe?

There are real safeguards: instant block in the app, PIN change, self-set spending limits, real-time notifications, and per the terms the operator does not custody user funds. Against that, no incidents surfaced but also no public complaint history, the issuer is unnamed, and no licence numbers are published. Crypto custodial platforms have a history of failure — Mt. Gox, Coincheck, Ronin Network — so use the spending limits you set.

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