Earn free bitcoin? AmEx and Venmo get into crypto cashback

Earn money by spending money – The happy owners ofa payment card distributed by cryptocurrency platforms are familiar with the principle. When I make a spent with my card, a certain percentage is returned to me in crypto. This system – cash back – has been around for several years now, but the novelty is that it is starting to appear at more payment companies traditional as a commercial argument. No more old points loyalty card, make way for ringing and stumbling cryptos!

Loyalty points, miles and gifts

Remember when you were younger, you probably collected points Esso with family. After several months, you choose a pretty soft toy or an orangeade service that must always be lying around in the back of a cupboard at your parents’ house. Or maybe you have in a pocket a loyalty card from the pizzeria downstairs or from your hairdresser with a few pads on it. So ? It’s almost the tenth free cup? Basically, the rewards looked like this until recently. Even the largest payment companies offered payment systems point accumulationfrom miles that you could exchange from a certain number for a small gift.

Admittedly, the principle has been modernized and we can now be entitled to a few percentages cash back on purchases. Corn more or lessthose are crumbs given to you and kindly accepted. But a new wind is blowing on card payments and cryptos are not there for nothing! Here is what the CEO of American Express said last January:

We are exploring other ways to redeem your membership reward points for cryptocurrency. »

The payment company Venmo is also taking a step in this direction. It now allows its users to change to their cash back in cryptos with his program “ Cashback on Crypto ». Instead of just accumulating and spending your rewards, you can convert them into the most famous cryptos like Bitcoin, Litecoin, Ethereum or Bitcoin Cash. We are moving slowly but surely towards the principle of generalized cashback of crypto platforms.

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Bitcoin or cryptocurrency cash back on all your purchases

The Trades such as Binance, Coinbase, BitPanda or even Crypto.com offer a system of cash back relatively easy to understand. Depending on your profile, i.e. the amount you have in the house token, you are entitled to a cash back ranging from 1 to 8% on all your expenses with their payment card. This cash back is returned to this same house token. But nothing prevents you from converting it into dollars, euros or whatever you want.

The New York-based crypto lending and savings startup BlockFilaunched its program BlockFi Rewards Visa Signature Credit Card ». Wherever BC Visa is accepted, you can pay with your card and receive 1.5% in BTC to your BlockFi account. This instead of airline miles or other rewards. Let’s hear from Flori Marquez, co-founder of BlockFi about it:

“This card will make it easier than ever for people to earn Bitcoin while making everyday purchases. »

Terry Angelos, Global Head of fintech at Visa, noted that the reward programss in cryptocurrencies are an effective way to bring users into the crypto economy and Visa “ is delighted to see more and more examples of this. »

We also mention the company Box which recently offered a corporate payment card with automatic BTC rewards.

“We believe blockchain technology and cryptocurrency are the future of finance and we are excited to help businesses participate and grow in the digital economy.. »

Jeremy Almond, co-founder and CEO of Paystand

The cryptocurrency rewards appeal to businesses and individuals. It’s easy to understand and use. When you think that traditional banks still charge their customers for the means of payment! We tell ourselves that the theory of evolution will do its job and that natural selection will be ruthless. In the meantime, cashback will likely be a Trojan horse that will bring crypto into new homes that have hitherto been unresponsive or indifferent. Unless the European Union sends us back to the time of the assignat with its retrograde bills.

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