There is a huge variety of prepaid cards in the US which offer rewards to the users in the form of digital currencies. In the past 3 years, the use of such crypto rewarding cards has increased outrageously.
This has led the electronic payment giants such as Visa, Master as well as PayPal to provide for crypto rewards. However, such an option is not offered to credit card holders of any bank in the US.
But there are many crypto and non-crypto companies in the US which are rewarding users of their cards with crypto. For instance, there is a blockchain company called “Blockfi”, which also offers credit card facility to its clients.
The credit card-holders of Blockfi can enjoy the benefit of receiving back 3.5% of Bitcoins against their purchases. Similarly, there is yet another company called “Crypto.com” which also offers digital currency rewards to its customers at every purchase.
In this regard, there was a survey carried out in the US market by an entitled known as “couponfollow.com”. The author of the survey is an official of couponfollow.com namely Marc Mezzacca.
Mezzacca notes in his report that a large number of credit card-holders in the US want to earn crypto rewards against usage. The survey reveals that US citizens in the age groups of 45-65 and 16-30 years have four types of credit cards with them. While, the Americans in the age group of 10 to 14 years can have only two cards.
The findings of the survey revealed that approximately 14% of the 1011 users of Amazon Mechanical Turk are desirous of crypto rewards. They want the company to pay them or incentivize them with virtual currencies each time they use company’s credit cards.
Approximately 15% people from the age groups of 45-65 and 16-30 years are found collectively wanting rewards in crypto. However, with regard to respondents from the age group of 10-14 years, only 7% agree with the age groups of 45-65 and 16-30.
Mezzacca also notes in the report that American are used to making payments through electronic means i.e. debit or credit cards. Even if they go for groceries, their preferred method of payment is through the use of pre-paid or post-paid electronic cards. Using real hard cash is becoming a rare possibility in the US. The major reason for this enormous use of credit and debit cards in the US is the rewarding factor.
In the survey, Mezzacca also touched upon the impact of Covid-19 and co-related it with the survey’s findings. It was noted in the survey that during lockdowns, there was hardly any decreased in the use of credit or debit cards, said half of the respondents. While the other half of the respondents said that during lockdowns the usage of debit or credit card was higher than usual.