The world of cryptocurrency keeps evolving and creating innovative ways for the mainstream adoption of crypto. In the traditional methods of making purchases, some businesses give cashback rewards to customers for making purchases. A crypto cashback refers to a system that rewards people for making purchases, but rather than get fiat currency rewards, they get their rewards in cryptocurrency. It is actually that simple, and also a cool and fun way to get cryptocurrency, considering that you are always buying something.
How it Works
Basically, cashback programs are created as a platform for customers to get rebates when purchases are made, and this is a strategy employed by stores to encourage shoppers to make more purchases, with the promise of them earning more on each purchase.
One very common type of cashback program involves the issuance of cashback credit cards. When a purchase is made via a cashback credit card, rebates can be made by the card issuer, considering that interchange fees are usually made by the retailers.
Interestingly, crypto users are not left out, as there are crypto cashback reward programs that reward customers with crypto rebates when purchases are made online, and in some recent cases, offline too.
Growth in the Popularity
There has been an unprecedented growth in the popularity of crypto cashback apps within the crypto community, and that is as a result of the increased interest in cryptocurrency that may have been catalyzed by the COVID-19 pandemic that hit the world in 2020. The pandemic made many people pay more attention to being online, and so they got exposed to more online shopping, as well as more crypto-based information and investments.
With the increasing popularity and success of decentralized finance (DeFi) as well as non-fungible tokens (NFTs), it is amazing to see more improved crypto cashback programs springing up. One example of such amazing crypto cashback program is OctoFi, and the platform gives users crypto when they make DeFi and NFT transactions.
When you make transactions with any of OctoFi’s referral partners using the platform’s decentralized app (DApp), wallet, or from partner websites, the users will get rebates on such transactions, 100% of the platform’s commission is passed through to users and token holders.
Fintech and Crypto
Fintech is evolving rapidly, and it is amazing to see how cryptocurrency is bringing spontaneity to the evolution. With a plethora of use cases for crypto, mainstream adoption may just be around the corner, and what better way to get crypto than to get a crypto cashback whenever you make purchases.
With crypto cashback programs, it becomes even better for more people to get involved in crypto use.
This crypto initiative solves the flaws of traditional cashback systems, to provide users with a more effective and efficient cashback program where the customers will get more value for their purchases, and it also makes for a good customer loyalty reward program.