San Francisco-based Fold, an app that offers users bitcoin rewards, has joined Visa’s Fintech Fast Track Program and plans to launch a co-branded Visa debit card that gives out as much as 10% of cash purchases with bitcoin instead of traditional reward points like airline miles or cash.
Fold found around 90% of its existing 90,000 users would "switch spending away from their existing card" for a card with bitcoin rewards for dollars spent, it has been reported.
"People are not interested in spending bitcoin right now, but are interested in accumulating it," Fold chief executive Will Reeves told financial newswire Bloomberg, adding he thinks the card could bring a fresh wave of bitcoin adoption.
"If people don’t understand bitcoin as money yet, they certainly will understand it as a better reward."
Fold currently offers users the ability to spend bitcoin or traditional currency at the likes of online shopping site Amazon, ride hailing app Uber, and coffee chain Starbucks by synchronizing their accounts either with an existing card or bitcoin wallet.