Earn 1% Cashback on Revolut Issued Cards When You Buy With Crypto

Revolut makes it possible for its users to make daily purchases using cryptocurrencies. The fintech firm has launched a crypto card with a 1% cashback offer to entice users into enrolling for the new service.

Revolut to support crypto payments

Revolut Pay has unveiled a crypto feature that allows customers to get a 1% cashback when they use cryptocurrencies to buy goods and services. Revolut currently supports nearly 100 cryptocurrencies, including Bitcoin, Ether, and Dogecoin.

The 1% cashback will be paid in the same currency the user spent. Therefore, if the customer spends Bitcoin, they will receive a 1% cashback in Bitcoin. The feature can be supported in all the existing cards, and it will allow customers to have the convenience of choosing the currencies that they wish to spend.

Revolut has offered education courses to its customers to enlighten them about the cryptocurrency market. The fintech company has launched several “Learn & Earn” courses that will allow customers to improve their knowledge about cryptocurrencies and other related topics such as blockchain, smart contracts, and tokens.

The general manager of Revolut, Emil Urmanshin, commented on this new development saying that the company was expanding its presence in the crypto space by increasing the number of supported cryptocurrencies and offering learning courses that can be accessed by millions of customers.

“Now we are making crypto even more mainstream, by empowering people to use crypto-enabled cards to spend their tokens for everyday purchases,” Urmanshin added.

Revolut’s new crypto service went into effect on November 1. The company launched the new feature after the UK-based company received registration from the UK’s Financial Conduct Authority to provide crypto services in the country.

Revolut will continue running its digital asset operations by registering with the FCA, such as trading and providing custody services for cryptocurrencies. The FCA is currently the regulatory body behind regulating the crypto space. The regulatory body is currently focused on anti-money laundering and anti-terrorism financing practices.

The Revolut fintech firm has been offering crypto services since 2017. In 2021, the company’s chief executive, Nik Storonsky, said Revolut would focus on investing in services related to digital assets.

Payment companies show interest in crypto

Revolut is not the only card company interested in extending its services into the web 3.0 & crypto industry. Mastercard announced a partnership with the Binance exchange to offer cryptocurrency payments in 90 million stores.

Visa has also partnered with FTX and the Blockchain.com exchanges to support cryptocurrency payments. The demand for crypto services from users could be why the companies are venturing into the industry.

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