TL;DR Breakdown
- Square allows users earn Bitcoin back on purchases
- Fintech firms continue to embrace crypto
Square payment service platform CashApp has enabled Bitcoin reward for users of the payment platform. The Bitcoin reward enables CashApp customers to get Bitcoin back on transactions performed on the platform.
Previously, CashApp only allowed cash-back on cash transactions through its boost program. They rewarded users with US dollars for purchases made through the Cash card. However, CashApp with the Bitcoin reward program has become the latest firm to introduce a crypto-related feature to its platform.
This is in the wake of fintech firms, gradually adding crypto showing interest in cryptocurrencies. Several big payment and fintech firms have become allies with crypto companies.
One of this partnership is Visa and Coinbase partnership. It made Coinbase become the first crypto firm to issue a crypto debit card. After Coinbase and Visa, Mastercard also partnered Wirex enabling Wirex issue payment cards on Mastercard’s network.
CashApp Bitcoin reward, a step up for boost program
CashApp Bitcoin reward is simply an extension of its boost program and a purported move to deliver improved crypto service to its over seven million users. It is also perceived as another step to stay ahead of competitor PayPal, which recently entered the cryptocurrency arena.
The Bitcoin boost feature has also been made easy to use for users even if they do not have any knowledge of crypto. Once they can access their Cash App Cash card, they can add the boost or even when their card request has been accepted.
The Bitcoin reward feature can be activated from the list of boosts, allowing them to get 5 percent of Bitcoin on three purchases. However, the minimum purchase required for eligibility is $1.5, while the maximum earning is $7.5 bitcoin equivalent.
After much Bitcoin reward, users can keep track of their earnings through the ‘Investing’ tab on their home screen. The ‘Activity’ tab allows them to view the amount of bitcoin earned on a particular purchase.