To understand Gnosis Pay, a brief introduction is necessary. Gnosis is one of the most respected historical projects in the Ethereum ecosystem, founded in 2015 and over the years becoming a key DeFi and Web3 infrastructure.
Gnosis Pay
It is an infrastructure that combines traditional finance and DeFi finance, creating a direct bridge between the Visa payment circuit and a self-custodial smart contract wallet.
Gnosis Pay Card
Unlike traditional crypto cards, with Gnosis Pay you are the sole owner of your funds (self-custody).
When you swipe your card in a store, the Visa network authorizes the transaction, and the Gnosis Pay infrastructure automatically settles the amount in stablecoins (EURe, GBPe, and USDCe, which are from Monerium) directly from your smart contract wallet.
It can be connected to Apple Pay and Google Wallet and is available in both virtual and physical formats throughout Europe, the UK, and Switzerland, and is also expanding to Latin America.
Tiers and Cashback Levels
Tier 1: >0.1 GNO (native token) at 1% cashback
Tier 2: >1 GNO at 2%
Tier 3: >10 GNO at 3%
Tier 4: >100 GNO at 4%
Special Bonus for OG NFT holders: +1% extra cashback (up to a maximum of 5%)
GNO, the token, is worth approximately $105 at the time of minting, with approximately $1 million in trading volume and a market cap of approximately $279 million.
Costs, Fees, and Limits
Activation Fee: €30 one-time fee (€0 during promotional periods)
Monthly/Annual Fee: €0
Virtual Card: €0
FX Currency Exchange Fee: 0%, but standard Visa network spreads apply (0.2%/0.4%)
Stabilization Fee: Variable, around 1.5% for the conversion/settlement engine
ATM Withdrawals: 5 free withdrawals or €200, after a 2% fee
Maximum Daily Spend: Configurable
Conclusions
The advantages are many: low costs, fairly generous cashback, and not as unattainable as other competitors. Of course, it requires familiarity; accessing a Web3 wallet and the Gnosis network is not for everyone.
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