Published: 31.03.2022
Article reading time:
3 min.
Paystand, a company specializing in blockchain-enabled b2b payments, has announced the release of a corporate DeFi card with cryptocurrency rewards.
The Paystand payment platform says that after making transactions, cardholders will receive cashback in bitcoins.
Paystand CEO and co-founder Jeremy Almond believes that blockchain and cryptocurrency technology is the future of corporate finance:
“We are providing businesses with a next-generation spend management product that not only solves day-to-day problems, but also gives them access to crypto-currency rewards and the benefits of being in control of their finances.”
Paying companies and individuals rewards in cryptocurrency for transactions with bank cards when paying for goods and services – instead of the traditional accrual of bonuses or points – is becoming an increasingly popular way to encourage users.
It is believed that the ability to earn cryptocurrency for making regular purchases is an effective marketing ploy that attracts the attention of crypto enthusiasts of varying degrees of involvement. Cryptocurrency cashback looks the most attractive for those who are just interested in the world of cryptocurrencies, but are not ready for risk and large financial investments. For those who are deeply immersed in the topic, the proposal may be interesting in that it allows you to receive rewards in the style of NFT games: “play to earn” without an initial payment.
In 2020, BlockFi announced the launch of a credit card in conjunction with the Visa payment system. The principle of rewarding users is based on the fact that customers need to make purchases with a card in order to earn cryptocurrency. BlockFi pays cardholders up to 1.5% in BTC (BTC/USD) on all purchases. By mid-2021, the number of issued BlockFi cards exceeded 50,000, and the company announced continued growth in the number of card users.
In 2021, PayPal-owned mobile payment service Venmo added the Venmo Cash Back to Crypto feature for credit card holders and the ability to convert monthly fiat cashback into one of four cryptocurrencies: BTC, ETH, LTC, or BCH. At the same time, Venmo does not charge a commission for converting fiat to cryptocurrency under the Cash Back to Crypto program.
In 2021, the Gemini cryptocurrency exchange entered into a partnership with Mastercard to issue a credit card for US users with the possibility of cashback in cryptocurrencies.
On March 31, 2022, the European Parliament is voting on a bill by the Committee on Economic Affairs (ECON), extending anti-money laundering (AML) rules to any cryptocurrency transactions, as well as restricting or prohibiting transfers in cryptocurrency from the EU to places considered tax havens.
Source: Bits
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