One of the biggest cryptocurrency exchanges in Spain, Bit2me, unveiled its new cashback debit card in collaboration with Mastercard. The Mastercard network is how the original Bit2Me card functions; With this new upgrade, users can now receive up to 9% cryptocurrency cashback on all online and in-store transactions made with the card. The card and its wallet currently support eight cryptocurrencies, including Bitcoin, Ethereum, Cardano, Ripple, Tether, Solana, and Polkadot.
According to reports, Bit2me intends to offer more currencies throughout 2023. Users can currently access Bit2Me in 69 different nations, allowing them to collect crypto rewards from anywhere. However, only the virtual form of the card is available to consumers in the European Economic Area (EEA).
Crypto Cashback Credit
Bit2me and Mastercard Launch a Debit Card with Crypto Cashback
Trend Themes
1. Crypto Cashback Debit - Debit cards offering crypto cashback are a future trend gaining popularity and can disrupt the traditional cashback schemes offered by credit and debit cards.
2. Mastercard-cryptocurrency Partnership - Partnerships between established financial institutions like Mastercard and cryptocurrency exchanges like Bit2me demonstrate potential disruptive innovation opportunities for traditional banking and payment systems.
3. Expansion of Cryptocurrency Offerings - The expansion of cryptocurrency offerings beyond Bitcoin and Ethereum creates an opportunity for fintech startups to create innovative products and services to further disrupt the traditional financial industry.
Industry Implications
1. Digital Wallets - The introduction of a cryptocurrency cashback debit card creates new opportunities in digital wallet development and integration for fintech startups.
2. Cryptocurrency Exchanges - The success of Bit2me's cashback debit card highlights an opportunity for other cryptocurrency exchanges to expand their offerings and partnerships with established financial institutions.
3. Credit Card Companies - The threat of losing market share to cryptocurrency cashback cards can lead to disruptive innovation opportunities for credit card companies to introduce their own cryptocurrency cashback programs.