The Atlanta-based crypto payment services company Bitpay has announced that Bitpay’s prepaid cardholders are eligible for cash back rewards if they use their card with participating retailers. The rewards feature stems from Bitpay’s partnership with Cardlytics and cardholders can get up to 15% in cash back rewards on purchases from the service from thousands of retailers.
Bitpay Partners With Cardlytics to Offer Cash Back Rewards to Bitpay Card Users Shopping at Select Merchants
On Wednesday, Bitpay announced that the crypto payment firm has partnered with the publicly-listed company Cardlytics (Nasdaq: CDLX) in order to provide Bitpay cardholders with cash back rewards options from specific retailers. Cardlytics will manage the cash-back rewards platform and Bitpay cardholders can get up to 15% cash back on purchases every time they patronize participating merchants.
Cardlytics is partnered with thousands of unique merchants such as Adidas, Costco, Office Depot, Shake Shack, Sam’s Club, Finish Line, and H&M. Farrell Hudzik, the EVP of financial institutions at Cardlytics, explains that getting rewards for using the Bitpay card at specific merchants is easy. “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,” Hudzik said in a statement on Wednesday.
The Cardlytics executive Hudzik added:
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.
Bitpay CEO Says Rewards Offer Crypto Enthusiasts Another Incentive to Use the Crypto-Centric Prepaid Card
Bitpay has operated a prepaid card for years now and originally started offering the services through Visa. Now Bitpay cards are tied to the multinational financial services corporation Mastercard’s system. While the Atlanta-based company has offered a crypto-fueled prepaid card, Bitpay did not provide rewards prior to the announcement with Cardlytics. Other companies that provide crypto prepaid card services like Crypto.com give cardholders rewards for spending. Crypto.com not only gives reward payments in cronos (CRO), but the company also partnered with Cardlytics on March 30, 2022.
Bitpay recently added two new crypto assets to the company’s lineup of supported digital currencies which include apecoin (APE) and euro coin (EUROC). That means in addition to being able to load Bitpay’s prepaid card with BTC, BCH, WBTC, XRP, LTC, SHIB, DOGE, ETH, BUSD, DAI, GUSD, USDC, and USDP, Bitpay cardholders can also load their cards with APE and EUROC.
Bitpay also revealed Lightning Network support on April 6, making it so Bitpay App users can leverage bitcoin payments via the Lightning Network. The Lightning Network support was added after Bitpay told the press that the use of bitcoin (BTC) payments had declined in 2021. Bitcoin used for purchases via the Bitpay App went down from 93% in 2020, to 65% during the course of 2021.
Stephen Pair, CEO of Bitpay, detailed on Wednesday that the rewards system gives cardholders incentives to spend with the crypto-centric prepaid Mastercard.
“Cryptocurrencies are becoming increasingly popular and widely used as many like the option to live life on crypto,” Bitpay’s CEO remarked. “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.”
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