BitPay Launches Cash Back Rewards

A benefit often available to consumers who use traditional forms of payment is also available to those who use cryptocurrency.

Serving the growing number of consumers who make purchases using crypto, bitcoin and crypto payment services provider BitPay is launching cash back rewards for its cardholders, according to a Wednesday (Aug. 10) press release.

“Cryptocurrencies are becoming increasingly popular and widely used as many like the option to live life on crypto,” BitPay CEO Stephen Pair said in the release.

The program will be managed by cash back rewards platform Cardlytics and will deliver consumers up to 15% cash back on purchases when they use their BitPay Prepaid Card at participating retailers, the release stated.

Users can “load the BitPay Card with crypto, spend with dollars, get cash back and see rewards in the BitPay app,” Pair said in the release.

PYMNTS research has found 57% of former or present cryptocurrency owners used crypto to make at least one purchase last year.

Read more: 46M Consumers Plan to Use Cryptocurrency to Pay Merchants

In addition, when surveyed for “The Cryptocurrency Payments Report: How Consumers Want to Use It to Shop and Pay,” a PYMNTS and BitPay collaboration, 59% of consumers who never owned cryptocurrency said they are interested in using it to make purchases in the future.

With the BitPay Card, consumers can convert cryptocurrency into dollars, and then spend it anywhere Mastercard is accepted.

In an interview with PYMNTS’ Karen Webster Aug. 3, Pair said BitPay has seen a lot of interest in rewards programs as people increase their use of digital assets.

See more: Crypto Payments Still Rewarding for Some Users, Even as Headwinds Swirl

“People are really interested in participating in that,” Pair said. “And, once they start to accumulate bitcoin or other cryptocurrencies, they become invested in that — and they want to use it more.”

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