Mastercard Inc (NYSE:MA) entered a pact with Winklevoss twins to introduce credit cards and offer cryptocurrency rewards. Winklevoss twins established the cryptocurrency exchange fund – Gemini.
Gemini to provide credit cards
Gemini will provide creditcards with cryptocurrency rewards to its customers. The credit card customers will receive 3% rewards for dining and 2% on groceries in cryptocurrencies (Bitcoin (BTC).
They could also select rewards from other 30 cryptocurrencies filecoin, litecoin, and Ethereum). WebBank will issue the credit cards while MasterCard manages the payments network.
The rewards will directly go into the accounts of credit cardholders in real-time without waiting for the end of the statement period.
No annual fee
The Gemini credit cardholders need not pay an annual fee. CEO of Gemini, Tyler Winklevoss, said several customers are looking for ways to enter the cryptocurrency system. Gemini Credit Card offers an easy entry to earn rewards in cryptocurrency by making their daily purchases.
The waitlist for Gemini creditcards already exceeded 140,000. Gemini still accepts applications for its credit card.
The use of new payment technologies rises
According to a recent survey by Mastercard, payment technologies like biometrics, cryptocurrencies, and QR Codes in Asia-Pacific are on the rise because of the ongoing COVID-19 pandemic.
Over 90% of the respondents in the survey said they would use at least one new payment method in 2022. Around 84% of the consumers said they use a wide gamut of digital payment options compared to the previous year.
Sandeep Malhotra, Mastercard’s EVP (Innovation and Products – Asia Pacific), said most of the customers in the Asia-Pacific selected new payment methods based on the necessity besides convenience, safety, and security in making payments.
QR Codes are the most preferred way of making payments in the region. Several consumers prefer making a purchase using their mobiles because coronavirus risk still looms large.
Around 60% of the customers said they would avoid businesses that do not permit making payments electronically.
Almost 70% of the customers said they would prefer merchants that adopt the latest payment mechanisms.
According to a report revealed last month, online purchases accounted for $900 billion worldwide. The chief economist of Mastercard, Bricklin Dwyer, said e-commerce facilitated the movement of dollars worldwide because coronavirus pandemic forced people to stay at home.