CryptoSpend users will earn up to a 3% bonus in XRP for spending both fiat and cryptocurrencies.
CryptoSpend, a cryptocurrency company, has launched Australia’s first Ripple (XRP) reward card program for its customers.
According to an announcement by local news outlet Australian Fintech, the initiative will see CryptoSpend’s fiat and crypto spenders get up to a 3% bonus in XRP within the same day of making a purchase.
Andrew Grech, the CEO of CryptoSpend, said:
“This XRP rewards card program is all about bringing additional value to our customers and CryptoSpend cardholders. By rewarding CryptoSpend Card users up to 3% back in XRP through the CryptoSpend app on the same day they spend, it provides another fantastic value-add for our customers.”
According to Grech, customers who spend Australian Dollars (AUD) will also be rewarded with a 3% bonus in XRP.
Widespread Adoption of CryptoSpend Card
CryptoSpend is based in Australia and offers its users the ability to spend their crypto assets on everyday purchases. The company was the first fintech company in Australia to roll out Visa-backed crypto payment cards.
Per the announcement, CryptoSpend partnered with Visa and Novatti Group to launch the cryptocurrency card last year.
Since its launch, crypto payment cards have been widely adopted. This year, CryptoSpend recorded massive growth in everyday transactional cards despite a decline in crypto prices.
Grech said the company had observed many Australians using their crypto assets for everyday items, including groceries and food.
“We have seen the popularity of Australians using crypto for their everyday spending increase massively. Not only have we seen a huge increase in people using the card for spending crypto, but we have also seen our repeat users increase daily,” Grech said, adding:
“This means people are not only using crypto on everyday items, but they are coming back to it day-in, day-out. It’s a new way of how people want to spend on consumer goods.”