Coinbase has launched a reward program for its whitelisted card users, who can now enjoy rebates on their online purchases via Google Pay and Apple Pay. The announcement was made by the exchange service on its official blog. In the revelation, Coinbase stated that beginning in June, a select few whitelisted customers will be eligible for crypto rebates.
Coinbase card Users Can Earn up to 4% in Crypto Rebate
Under the new scheme, Coinbase will allow card users — in this case online shoppers — to claim up to 4% in crypto rebate. Expecting to draw customers to the lucrative offer, the company added, “splurging for guacamole with your Coinbase Card is a no-brainer when you can earn 1% back in Bitcoin or 4% back in Stellar Lumens”.
This isn’t the first time Coinbase has pushed for crypto adoption in mainstream transactions. In February 2020, it was reported that Coinbase had become an issuer of Visa Cards, allowing the company to offer its card-based services beyond European Union.
The latest announcement comes amid an upward shift in the adoption of mobile transactions in the United States. While the U.S. trails China in mobile phone payments, the sector recorded 29% growth in 2020.
Crypto Exchange to Expand Its Reward-Based Program
The exchange plans on expanding its reward program beyond the 4% rebate offer. In an ongoing effort, since June 2019, the company has opened its doors to customers in more countries and provided increased coverage for digital currencies, including stablecoins such as Dai.
Consumer demand for crypto payments is steadily climbing upwards. In response to a Mastercard survey conducted in May this year, 40% of participants intended to use crypto for payments in 2022. The retail sector is also warming up to the idea of using crypto debit cards for microtransactions. This development coincides with the foray of online payment behemoth Paypal in the retail crypto payment domain, allowing American online shoppers to pay for their purchases in Bitcoin.