With the rapid influence of technological change in the financial sector, cryptocurrency debit cards are becoming more prevalent. On Wednesday, August 22, digital banking service provider Revolut launched a new metal card that gives its customers cashback in cryptocurrency.
Customers Can Earn Bitcoin After Each Transaction
As reported by Tech Crunch, the newly launched metal card from UK-based Revolut will give customers 1 percent cash back on all spending outside of Europe in their currency of choice – either fiat or one of the supported cryptocurrencies.
Customers spending in Europe will only receive 0.1 percent cash back as the share of processing fees that Revolut receives from Mastercard and Visa, is small in Europe.
The cost of Revolut Metal is £12.99 per month or £120 per year and the card is actually made of metal, weighing three times that of a ‘normal’ credit card.
Revolut Has a Bigger Expansion Plan
Founder and CEO of Revolut, Nik Storonsky, said that Revolut Metal is a must for travelers worldwide and will become “the exclusive card of the future.” He further assured that there are many more things to come, including airport lounges and commission-free trading. The company will further push its business into profitability by expanding its service in North America and Asia later this year.
In December 2017, the financial technology company, which has over 1.5 million users across Europe, turned out to be UK’s only digital banking start-up to break even on a monthly basis. Storonsky said in a conversation with Reuters that the result in December 2017 was driven by strong user growth and acceptance of its product, and that trend has permeated into 2018. Revenues again increased to 20–25 percent in January 2018, compared to December 2017.
Get Cashback in Cryptocurrency from Revolut’s Newly Launched Metal Debit Card was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.