Crypto payment service provider Bitpay announced a partnership with Cardlytics Inc (NASDAQ:CDLX), which it says will offer more rewards for BitPay cardholders on its platform.
Bitpay said it would offer additional cash-back rewards through its partnership with Cardlytics. This will involve up to 15 percent cash back on purchases from hundreds of brands and retail partners, including thousands of retailers across shopping, dining, entertainment and travel.
The company said cardholders in the U.S. can earn up to 10% back in bonus rewards, which will be added to their existing rewards from Bitpay.
Cardlytics has contractual relations with the largest US retail brands for in-store and online shopping. When searching for deals in the BitPay App, cardholders can see specific deals available where they shop at brands such as Adidas, Costco, H&M, Office Depot, Sam’s Club, and Shake Shack.
“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.”
“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 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. Mastercard stands to benefit from utilizing the card as a customer acquisition tool as well as from the fees it will receive from money spent on the card.
BitPay, which bills itself the world’s largest provider of Bitcoin and cryptocurrency payment services, facilitates the acceptance of cryptocurrencies by monitoring, validating, and confirming client transactions on each blockchain. On the merchant side, Bitpay allows clients to settle in Bitcoin, Ethereum and Bitcoin Cash, and has recently added options to settle in multiple stablecoins.
BitPay allows users to purchase cryptocurrency directly in the App with bank cards thanks to a partnership with payment provider Simplex. In total, it currently supports 12 cryptocurrencies including BTC, BCH, DOGE, ETH, LTC, WBTC, XRP and stablecoins BUSD, DAI, GUSD, PAX and USDC.