Online shoppers who pay for their goods and services using their Coinbase Card on Google Pay and Apple Pay will start enjoying some crypto rebates. In a June 1, 2021 announcement on the Coinbase blog, the exchange service noted that starting this June, some of the whitelisted users will be chosen to start enjoying the crypto rebate feature. They can pay with their card while earning up to 4% in rebates.
As part of the official announcement, Coinbase said that clients who use their Coinbase Cards online will get the rebates as a reward for online shopping. The announcement reads:
“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.”
As it was previously reported, Coinbase became a direct Visa card issuer in February 2021. By March 2021, Coinbase Card users in Europe were allowed to use their cards on Google Play.
The latest Coinbase announcement comes amid massive growth in mobile phone payments in the US. While the mobile phone payment penetration in the United States still lags behind China’s the industry enjoyed a 29% growth in 2021.
Besides the 4% crypto rebate, the exchange said that it has additional plans to expand its Coinbase Card reward program. Since June 2019, the Coinbase Card has added many other countries to its coverage as it kept increasing the supported cryptocurrencies to include stablecoins like Dai (DAI).
The crypto debit cards are continued to be seen as an integral component of the efforts used to promote retail crypto usage for most micro-transactions. In the meantime, payment giants like PayPal have also joined the retail crypto payment space with American customers able to pay for their online shopping sprees using Bitcoin (BTC).
Based on a May 2021 MasterCard survey, 40% of respondents across the world have expressed their interest in adopting crypto payments sometime in 2022.