As the challenger bank Revolut, prepares to introduce a crypto card in the United Kingdom, residents of that country will soon be able to pay for everyday items, such as a loaf of bread, using Dogecoin (DOGE).
Pay with Crypto is a service offered by Revolut that gives users a 1% payback in cryptocurrency for purchases made using any of the almost one hundred supported tokens. These tokens include Dogecoin, Bitcoin (BTC), and Ethereum (ETH), among others, according to a report by the Evening Standard.
The cashback is distributed in the same currency in which the purchase was made; for example, if the purchase was made in Dogecoin, then 1% of the cashback will be distributed in DOGE.
Emil Urmanshin, Revolut’s Crypto General Manager, said:
“This year we have not only increased the number of cryptocurrencies available in the Revolut app to close to 100 tokens and launched Crypto Learn & Earn education courses enjoyed by millions of our customers.”
“Now, we are making crypto even more mainstream by empowering people to use crypto-enabled cards to spend their tokens for everyday purchases.”
Swap between fiat and crypto
Interestingly, Revolut customers will be able to swap between the currencies they spend from, including digital currencies, after activating the new function, which may be enabled on any existing card that is already in use.
With the launch, Revolut has developed a collection of ‘Learn & Earn’ courses geared at assisting consumers in enhancing their understanding of cryptocurrencies and related subjects, such as blockchains, as well as the most popular tokens and protocols.
Notably, this comes after the CEO of Mastercard (NYSE: MA) announced a cooperation with the largest cryptocurrency exchange in the world, Binance, to facilitate the acceptance of digital currency payments in retail stores.
The chief executive officer of the card business said that it was collaborating with Binance to enable customers to utilize their cryptocurrency holdings at any of the more than 90 million locations that accept Mastercard payments.