Mastercard and US cryptocurrency exchange Gemini will jointly issue the first credit card to collect rewards for cryptocurrency purchases.
From this summer, credit card users will be able to collect rewards for purchases in the form of a refund of some of the money spent in cryptocurrencies. Up to 3% of the amount spent. Card users will be able to choose whether they want to collect rewards in Bitcoin or other types of digital currencies. However, the condition is that the chosen cryptocurrency is accepted by the Gemini cryptocurrency exchange. The card will be issued by WebBank, which is a de facto digital bank. It’s based in Utah, USA.
This is the next step in the journey of credit card and other payment product issuers into the cryptocurrency world. In addition to Mastercard, Visa and The New Year have also been involved in brokering payments in cryptocurrencies PayPal.
“We wanted to give consumers the opportunity to collect rewards in cryptocurrencies,” Raj Dhamodhara, head of digital assets at Mastercard, told Reuters. The credit card will only be available in the United States for now.
