Visa decided to replace cashback in fiat with bitcoin

  • Visa introduced a credit card with cashback support in bitcoin

  • The interest rate is 1.5%

  • The card will initially only be available in the US

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American multinational payment service provider announces new credit card with cashback function in bitcoin

One of the world’s leading payment service providers, Visa, has partnered with crypto-focused landing platform BlockFi to unveil a new credit card with Bitcoin cashback support. BlockFi reported this on its official blog.

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A new card called BlockFi Bitcoin Rewards Credit Card will charge 1.5% cashback after each transaction, converting bonus dollars into bitcoin. BlockFi claims the new credit card has the highest interest rate among competitors in the market.

“We are delighted to add credit cards to our product portfolio and expand access to Bitcoin to a wide range of consumers,” said Zack Prince, CEO and Founder of BlockFi..

The card will be available in early 2021 and only in the United States. However, the company also intends to expand support for the card in other regions..

The engine of progress

Visa has been actively working on integrating its services into the cryptocurrency market for a long time. For example, in May, the head of the payment provider Alfred Kelly publicly called cryptocurrencies a useful addition to the traditional payment system..

Visa decided to replace cashback in fiat with bitcoin

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Visa decided to replace cashback in fiat with bitcoin

Then at a technology conference organized by JP Morgan, the head of Visa said that although cryptocurrencies are not competitors for fiat, they can become an addition to the traditional payment system..

Visa’s particular interest in the digital financial asset market is also driven by competition fueled by another giant, Mastercard. In July, Mastercard announced the launch of a program to popularize cryptocurrency projects.

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The company announced that it intends to issue special debit cards that allow you to convert cryptocurrencies into fiat money and pay with them anywhere in the world, provided that the terminal is connected to the Mastercard system..

At the time of this writing, the price of bitcoin BTC / USDT is $ 19,219.

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