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BitPay Launches Cash Back Rewards for BitPay Cardholders Through a Partnership with Cardlytics
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags
partnership
Rhea-AI Summary
BitPay has launched a rewards program for its prepaid card, managed by Cardlytics, enabling cardholders to earn up to 15% cash back on purchases at participating retailers. The program is automatically available to users, and no additional sign-up is required. BitPay supports multiple cryptocurrencies, facilitating easy conversion to USD for spending. A study indicates a potential $55 billion in cryptocurrency purchases over the next year, highlighting growing interest in crypto transactions. Cardholders also benefit from a referral bonus of $10 for bringing in new users.
Positive
Launch of a cash-back rewards program potentially increases user engagement and card usage.
Automatic enrollment in the rewards program simplifies the user experience.
The partnership with Cardlytics enhances the range of offers available to cardholders.
Growing interest in cryptocurrency spending may lead to increased use of the BitPay card.
Negative
None.
Automatic Cash Back at Thousands of Places in Person and Online
ATLANTA--(BUSINESS WIRE)--
BitPay, the world’s largest provider of Bitcoin and cryptocurrency payment services, today 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.
“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,” said Stephen Pair, CEO of BitPay. “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.
“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,” said Farrell Hudzik, EVP Financial Institutions, Cardlytics. “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.
About BitPay
Founded in 2011, BitPay is one of the oldest cryptocurrency companies. As a pioneer in blockchain payment processing, the company’s mission is to transform how businesses and people send, receive, and store money. Its business solutions eliminate fraud chargebacks, reduce the cost of payment processing, and enable borderless payments in cryptocurrency, among other services. BitPay offers consumers a complete digital asset management solution that includes the BitPay Wallet and BitPay Prepaid Card, enabling them to turn digital assets into dollars for spending at tens of thousands of businesses. The company has offices in North America, Europe, and South America and has raised more than $70 million in funding from leading investment firms including Founders Fund, Index Ventures, Virgin Group, and Aquiline Technology Growth. For more information visit bitpay.com.
About Cardlytics
Cardlytics (NASDAQ: CDLX) is a digital advertising platform. We partner with financial institutions to run their rewards programs that promote customer loyalty and deepen relationships. In turn, we have a secure view into where and when consumers are spending their money. We use these insights to help marketers identify, reach, and influence likely buyers at scale, as well as measure the true sales impact of marketing campaigns. Headquartered in Atlanta, Cardlytics has offices in London, New York, Los Angeles, San Francisco, Austin, Detroit, and Visakhapatnam. Learn more at www.cardlytics.com.
