Venmo Introduces Cryptocurrency Cashback Option for Credit Card Users
Use a Venmo credit card? You’ll now receive Cashback in crypto.
Venmo is about to expand its cryptocurrency services by introducing a replacement “Cash Back to Crypto” feature.
The new cryptocurrency option allows MasterCard users to automatically purchase Bitcoin from a Venmo account using Cashback from regular purchases.
Furthermore, the new Cash Back to Crypto feature won’t incur Venmo transaction fees, reducing the value typically related to trading between fiat and cryptocurrencies.
Venmo Delivers Credit Card Crypto Cash Back
Venmo’s official blog post announcing the new feature confirms that Venmo Mastercard users can automatically switch their accounts to get cryptocurrency from their eligible cashback purchases.
The new feature, which further enhances the Venmo Credit Card’s dynamic rewards experience, expands choice in how customers can spend their Cashback while allowing them to start out exploring crypto within the Venmo environment they know and love
Cash Back to Crypto is currently only available to Venmo MasterCard users. However, those with a lively and applicable MasterCard can prefer to automatically receive Cashback in crypto across eight different user-selected spending categories.
Venmo has weighted the categories, too, with the primary selection receiving 3% cashback, the second receiving 2%, and everyone else receiving 1%.
Crypto cashback payments are available in four cryptocurrencies: Bitcoin, Ethereum, Litecoin, or Bitcoin Cash.
The converted cryptocurrency cashback automatically appears within the user’s account monthly. After the funds clear, the Venmo user can do what they want.
Venmo Crypto Options Increase Bitcoin Adoption
Darrell Esch, a senior vice chairman and head of the Venmo app at PayPal, said:
The introduction of the Cash Back to Crypto feature for the Venmo Mastercard offers customers a replacement thanks to starting exploring the planet of crypto, using their Cashback earned monthly to automatically and seamlessly purchase one among four cryptocurrencies on Venmo.
But the general message is clear: significant companies are integrating cryptocurrencies into their core offerings. Bitcoin, Ethereum, and other cryptos are getting standardized.
Adoption is increasing to the purpose that a cryptocurrency cashback option will become a point for a fiat MasterCard, a severe shift of emphasis for the financial world, and therefore the sign of a corporation taking note of the shifting winds of Cash.
The cryptocurrency integration is not the first move from PayPal this year. Venmo’s parent company has sought closer integration with Bitcoin and other cryptos throughout the past 12 months, first allowing Bitcoin trading on its platform in 2020.
With both PayPal and Venmo integrating Bitcoin, cryptocurrency could see yet one more enormous uptake in users.