Crypto payment app Fold offers cashback

With crypto payments becoming more common, it was only a matter of time before popular features like cashback become available and the payment app Fold will be offering exactly this.

"Today, we are excited to release Fold Kickbacks —making Fold the most rewarding way to pay. With Kickbacks everyone can get up to 20% back in bitcoin instantly on all purchases made in-store or online at major retailers like Amazon, Uber, Starbucks, Burger King, REI, Target and more," Fold said in its announcement.

Fold came into the fore back in February when its Lightning-compatible service for paying for Domino’s Pizza with crypto coins using its app was unveiled. Now, it has revealed that it will be offering cashback to users who will be shopping at additional stores such as Amazon and Starbucks, CoinDesk reports.

Fold, however, is not the first crypto firm to come up with this idea. Lolli, which is an in-browser app, is doing the same thing. It is even developing its own app right now to provide the same services.

Fold further differentiates itself by catering to customers who use external wallets via its app for sending the rewards. In contrast, the rewards for Lolli users will receive them via an in-browser wallet. Will Reeves, the product lead over at Fold, further explains what this service is all about.

“It’s akin to accruing rewards points, just these are denominated in satoshis [fractions of bitcoin],” Reeves said. “They can be used for purchases within Fold or withdrawn to an actual bitcoin wallet.”

The fact that Fold’s payment service is compatible with Lightning is also a major advantage for the app. Even Lolli CEO Alex Adelman is saying that his firm will be doing the same thing soon.

“Lightning will be a powerful tool to help with the mainstream adoption of bitcoin,” Adelman said. “I’m excited to eventually share it with all our merchants.”

On this front, Reeves points out that while competitors are playing catch-up, his firm is building new pathways for crypto payment. He made this clear when he said, “Beneath all the fun of shopping and rewards we intend to introduce a whole new paradigm to consumer spending.”