OKX launches virtual Mastercard for Australian users

OKX has launched a virtual Mastercard in Australia, allowing users to spend balances held in USDG through Apple Pay and Google Pay.

The launch expands its payments offering by linking the OKX Pay wallet to merchant payments on Mastercard's network.

Customers can use the virtual card anywhere Mastercard is accepted. It draws directly from funds held in an OKX Pay wallet, letting users spend the same balance they use for peer-to-peer transfers and USDG rewards.

Users who have already completed verification for OKX Pay will not need to repeat identity checks to activate the card. Existing VIP status on the platform may also qualify some customers for higher cashback rates.

Cashback starts at 2% for regular customers and rises to as much as 10% for VIP 4+ members on eligible purchases. Monthly caps apply and vary by membership tier.

Payments link

The launch comes five weeks after OKX introduced OKX Pay in Australia, a peer-to-peer payments tool that lets users send and receive money and earn rewards on USDG. Adding a card linked to the same wallet is intended to make digital asset balances usable for day-to-day retail transactions without requiring customers to move money to another provider.

The move reflects a broader push by crypto groups to tie stablecoins more closely to consumer payments, particularly through cards and mobile wallets that connect digital balances to existing merchant networks. In this case, the product centres on the USDG balance held in the OKX Pay wallet.

Apple Pay and Google Pay availability from launch means customers can begin using the card immediately on supported devices, with no physical card required.

Australia focus

Australia has become a testing ground for digital asset payment products as operators look for ways to move beyond trading and into consumer finance. For OKX, the launch creates a more complete retail payments offering in a market where it already provides a wallet for transfers and rewards.

OKX's Australian operation is based in Sydney and is part of a fintech group with more than 120 million users globally. In Australia, the card and wallet products are issued by Bano, while OKX Australia acts as distributor and authorised representative.

Shane Chandra, Chief Executive Officer of OKX Australia, outlined the company's view of the shift in a statement.

"The opportunity for stablecoins extends well beyond trading. They're becoming the foundation of a new payments ecosystem for our increasingly digital world, and OKX Card is an important step in bringing that to everyday life in Australia. Together with OKX Pay, customers can hold, earn on and now spend the same digital dollar balance through a single, seamless experience. Our goal is to remove friction between digital assets and everyday commerce, modernising money and making it easier for Australians to use their assets, in any form, wherever and whenever they choose," said Shane Chandra, Chief Executive Officer, OKX Australia.

The design means one wallet balance can now serve two functions inside the app: transfers between users and purchases at merchants. That removes a common step in crypto-linked spending products, where users must first move funds to a separate card app or external card provider before making a payment.

For customers, the main features are the direct wallet connection, mobile wallet access and tiered cashback. For OKX, the card adds a consumer payments layer to a business more commonly associated with digital asset trading and custody.

Mastercard acceptance gives the product access to a large global merchant base, which may help determine whether stablecoin-linked spending tools can move beyond niche use. The offer of up to 10% cashback for top-tier users also suggests OKX is targeting existing high-value customers as well as mainstream app users.

The launch leaves OKX with an Australian payments offering that combines wallet balances, peer-to-peer transfers, rewards and merchant spending within a single app.