Visa’s vice president of crypto has endorsed the company’s strategic investment in Deserve, a fintech specializing in turnkey credit card solutions. This collaboration signals Visa’s broader intent to partner with crypto-focused firms to enhance engagement and loyalty programs.
Deserve’s Turnkey Solutions Drive Crypto Adoption
Deserve’s technology powers the BlockFi Visa Credit Card, which rewards users with 1.5% Bitcoin on every purchase—increasing to 2% after $50,000 in annual spending. Key features include:
- Instant digital wallet integration: Cards are activated within minutes.
- AI-driven underwriting: Combines FICO scores, income, and employment data for seamless approvals.
- Machine learning: Optimizes risk assessment while reducing application friction.
👉 Explore crypto rewards cards
The Rise of Crypto Rewards Programs
Cryptocurrency rewards are transforming loyalty programs by offering fungible assets instead of retailer-specific points. Unlike traditional rewards, Bitcoin payouts provide universal utility, incentivizing repeat spending.
Visa and Mastercard’s Fintech Disruption
Deserve’s cloud-based platform enables rapid deployment of credit products, cutting development time from 24 months to 90 days. Its API/SDK infrastructure replaces legacy batch processing, making it a standout in the fintech space.
Key Backers and Milestones
- Investors: Goldman Sachs, Mastercard, Ally Financial.
- Innovation: First fully digital credit card certified by Mastercard.
- Comparable impact: Deserve’s CEO likens its disruption to Instagram’s effect on Kodak.
Gemini and Mastercard’s Crypto Card
Gemini’s partnership with Mastercard offers tiered rewards:
- 3% in crypto for dining.
- 2% for groceries.
- 1% on other purchases.
👉 Learn about crypto card benefits
FAQ
Q: How do crypto rewards cards work?
A: They convert a percentage of purchases into Bitcoin or other cryptocurrencies, deposited directly into a linked exchange account.
Q: What makes Deserve’s technology unique?
A: Its cloud platform and real-time APIs streamline card issuance, bypassing traditional bureaucratic delays.
Q: Are crypto rewards taxable?
A: In many jurisdictions, rewards are treated as income upon receipt. Consult a tax professional for specifics.
Q: Can I use the BlockFi card internationally?
A: Yes, it’s a Visa card accepted worldwide where Visa is supported.
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