Visa will reward its clients with cryptocurrency
A new Visa debit card by Fold is set to enter the cryptocurrency industry to allow users to earn Bitcoin cashback rewards.
The Fold app has joined Visa’s Fintech Fast Track Program to roll out a co-branded Bitcoin cashback rewards card.
Fold joined the Visa Fast Track program and introduced a new product — a credit card that offers cashback in cryptocurrency.
Fold representatives announced that in July the users will be able to get a credit card that will allow them to pay any merchant accepting Visa and receive from 1% to 2% bitcoin cashback.
More recently, Coinbase also introduced a Visa card, which allows users to pay for goods and services in cryptocurrency. The Fold offer, on the other hand, will allow customers to spend cash and earn cryptocurrency.
Cashback will be paid based on Bitcoin price at the moment of transaction. Users will be able to transfer the received crypto asset to their wallet or spend it with retailers in the Fold application. No card usage fees will be charged.
For Fold, cooperation with Visa is a chance to expand its cacheback program. Currently, the service allows shopping only at selected retailers such as Amazon, Uber and REI. The new card will allow shopping at any merchant accepting Visa.
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