The card works by allowing users to make cheap and fast transactions through the LN, which is a layer 2 (L2) payment protocol that is layered on top of Bitcoin. It works much the same as a contactless card, allowing consumers to tap their card against a sale device which will then display a Lightning invoice.
Payments are processed by tapping the card on any point-of-sale (POS) terminal which is Lightning-enabled. This will then request the payment and the associated CoinCorner account will exchange GBP into BTC, sending it over Lightning to the seller.
Currently, Bolt Card is compatible with BTCPay Server and CoinCorner payment gateways and is planning to soon add support to LNBits, FastBitcoins, and Ibex Mercado.
Android users will be able to use their Bolt Card to pay online at any website that accepts both Lightning and Bitcoin payments.
This move comes just after the CEO of crypto exchange FTX, Sam Bankman-Fried, stated that Bitcoin is not able to serve as an efficient payment method. This comment resulted in a lot of backlashes, and Bankman-Fried promised to research ways to integrate the LN.
It has been noted that the introduction of the Bolt Card could lead to more adoption of Bitcoin, as it has well-integrated Bitcoin into an existing system that consumers are already familiar with using.
