BitPay, which claims to be the world’s largest provider of Bitcoin and cryptocurrency payment services, added a reward program to its BitPay Prepaid Card.
Cardlytics (NASDAQ: CDLX), a cash-back rewards platform, is “managing the rewards where the BitPay cardholder automatically receives up to 15 percent cash back on purchases every time they use their card at participating retailers.”
Stephen Pair, CEO of BitPay, said:
“Cryptocurrencies are becoming increasingly popular and widely used as many like the option to live life on crypto. Adding a reward program through Cardlytics offers crypto enthusiasts another incentive to get and use the BitPay Card. It’s easy, just load the BitPay Card with crypto, spend with dollars, get cash back and see rewards in the BitPay app.”
Cardlytics works at thousands of retailers “across shopping, dining, entertainment and travel with the largest offer catalog of national and local retail brands for in-store and online.”
When searching for deals in the BitPay App, BitPay cardholders can “see specific deals available where they shop at brands such as adidas, Costco, Office Depot and Finish Line.” The rewards program “positively impacts people’s lives by moving billions of dollars to millions of people.”
Farrell Hudzik, EVP Financial Institutions, Cardlytics, remarked:
“Working with BitPay, we offer their crypto cardholders a customized shopping experience where they can earn cash back making the BitPay Card easy to use anytime they shop. We have thousands of brands on our platform and are always looking at where consumers shop to add new merchants to benefit new and existing cardholders.”
The crypto market is huge and a recent study with PYMNTS “found the estimated value of purchases consumers will make using cryptocurrency in the next 12 months at $55 Billion and 93% of owners of cryptocurrency would make purchases with it in the future.”
BitPay currently “supports ApeCoin (APE), Bitcoin (BTC), Bitcoin Cash (BCH), Dogecoin (DOGE), Ethereum (ETH), Litecoin (LTC), Shiba Inu (SHIB), Wrapped Bitcoin (WBTC) and XRP (XRP), and five USD-pegged stable coins (BUSD, DAI, GUSD, USDC and USDP) and one Euro-backed stable coin EUROC.”
The BitPay Card “enables customers to instantly convert cryptocurrency into dollars, which is then loaded onto the card and can be spent anywhere Mastercard is accepted around the world.”
Customers can also “use the cards online for purchases and to withdraw cash from ATMs.” A virtual card can be “used with Apple Pay and Google Pay on mobile devices.”
BitPay cardholders are “automatically enrolled to earn cash back. No additional enrollment or sign up is required.”
The roll out will “occur over the next week, so the rewards may not be immediately available until the app updates. Cardholders who refer new customers receive $10 on the BitPay Card.”
The BitPay Card “requires the BitPay Wallet app where cardholders can reload the card, view transaction history and manage card settings. Cardholders can also load the BitPay Card from their Coinbase account.”
The BitPay app can be “downloaded from the App Store (iOS) or Google Play Store (Android), Windows 10 and Linux.”
