Banking startup Revolut launches cryptocurrency cashback service on new debit card
Posted On March 23, 2021
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Startup Revolut has launched a new debit card that allows users to receive up to 1% cashback in cryptocurrency. The system was named «Revolut metal».
Card maintenance cost — £12.99 per month, the card includes travel insurance, air ticket reservations and tickets for various events. It offers the same privileges as the premium card and allows you to save money through cashback. It should be noted that the card can hardly be called cheap, since the regular premium version of Revolut costs only £6.99 per month.
In addition to the goal of attracting a young audience, cashback will also increase the demand among wealthier clients. A special category will include citizens who travel outside the UK. The fact is that for making purchases in Europe, you can get back only 0.1% of your spending..
When working with a new card, users who withdraw funds to fiat will also be rewarded. The company found that 20% of the app’s users use cryptocurrencies and create about 100,000 transactions using a new financial instrument every day. That is why the work on creating cashback was associated with digital currencies. Earlier, in May of this year, it was decided to expand the list of available coins, which, along with the previously installed Bitcoin, Litecoin and Ethereum, included the equally popular Ripple XRP.
Nick Storonski, CEO of Revolut, noted: «We are confident that Revolut Metal will be the exclusive map of the future. It will become essential for travelers around the world. We plan to develop the project and add new functions».
Blockchain is really becoming a popular solution for working in the financial sector. Earlier we wrote that the Bank of England will process payments thanks to a new payment system built on blockchain technology..