With growing adoption, cryptocurrency debit cards are becoming more prevalent worldwide. Launched Aug. 22, Revolut released a new metal debit card that gives customers cashback in cryptocurrency.
Earn Bitcoin After Each Transaction
Yesterday, fintech startup Revolut revealed its new Revolut Metal debit card for premium customers–giving access to additional perks and features including cashback in cryptocurrency.
Based in the U.K., Revolut is a prepaid debit card service that enables users to exchange and transfer different currencies, including crypto.
The company’s mobile application allows over 2.5 million travelers to exchange 25 fiat currencies and spend 150 currencies abroad without any fees.
Customers who purchase a subscription (€13.99 per month or €135 per year) to Revolut Metal will be able to earn 1 percent cashback in either fiat or cryptocurrency from purchases made outside of Europe. For European customers, the cashback rate is only 0.1 percent due to higher processing fees by Visa and Mastercard.
Currently, the platform supports five major cryptocurrencies: Bitcoin, Ethereum, Litecoin, Bitcoin Cash and Ripple.
In an interview with Forbes, Revolut CEO Nikolay Storonsky commented on the new product’s launch:
“The launch of Revolut Metal is also an important step toward the company generating additional revenue, especially as we prepare to launch a commission-free trading platform and expand the business into North America and Asia later this year.”
Revolut Metal customers also have access to higher ATM withdrawal limits (€600) and an exclusive concierge service for booking travel and hospitality accommodations. Marketed as a status symbol, Revolut Metal seems to be targeting business executives and luxury travelers.
Adding to his statement, Storonsky said:
“We are absolutely convinced that Revolut Metal will be the exclusive card of the future, and an absolute must for travelers worldwide.”
Major Card Providers Catch Up
In early June, payments giant Mastercard applied for patents to use a public blockchain for payment card validation and a travel itinerary bidding system.
Facing the $2 billion issue of stolen credit card payments, Mastercard aims to reduce susceptibility to “skimming”–using a counterfeit card reader to steal payment credentials–through the integration of a public blockchain.
The patent application filed with the U.S. Patent and Trademark Office (USPTO) reveals Mastercard’s plan to store encoded payment credentials on a public blockchain and use conveyance and retrieval methods to validate each payment card upon the point of sale.
In addition to payment card verification, Mastercard also won a patent for a system of itinerary bidding based on a blockchain network.
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