Revolut has launched a metal-built ATM card that offers cash back to users utilizing cryptocurrencies for payments, reported Hard Fork on August 22, 2018.
Revolut’s Cryptocurrency Push
Widespread cryptocurrency adoption entails sufficient retail outlets, incentives, and payment systems that complement the myriad of digital currencies in the market. Playing its part in this regard, is London-based Revolut, a banking alternative that offers a crypto and fiat currency exchange, payment cards, and peer-to-peer payments for its users.
As the firm’s launches it shiny “Metal” card marketed as a premium service to its standard offering, one element sticks out for the digital asset enthusiast: Offering cryptocurrency-powered cash backs.
The card will support five cryptocurrencies and over a dozen fiat currencies across Revolut’s payments network. The card is described as “heavy duty,” and weights a notable three times more than a regular credit card.
Revolut offers three prepaid cards in its arsenal. The first tier, called Standard, are free-to-issue but comes without benefits. Over this, is the premium service, charged at $8 per month on a subscription basis, which offer unlimited foreign exchange, free cross-border transfers, and travel insurance.
The last tier is Metal, which redefines Revolut’s cards entirely and is not a minor subscription upgrade. Instead, the luxury tier offers 24/7 dedicated concierge services for users, meaning hotel bookings, zeroing down on travel packages, and restaurant reservations can be made via a call to Revolut representations.
The company describes Metal with the following:
“At three times the weight of a regular card, Revolut Metal is crafted from a single sheet of reinforced steel using a diamond drill bit. Paint particles have then been layered to the card using physical vapor deposition, with customers’ details etched onto the card using a high precision laser.”
Beyond its aesthetic charm, Metal cash backs are provided to users after every transaction, with a choice of payment in either cryptocurrency or fiat. One percent cash back is offered on transactions outside the European continent, with just .01 percent payouts on transactions within the region.
Revolut declined to reveal how it stores cryptocurrencies on its card or other relevant security procedures to protect investor funds. A company spokesperson remains tight-lipped with reports claiming only the two words uttered on the topic were “cold storage.”
For those interested, Metal is available at $140 per year as a one-time payment or per-month recurring payment of $15. All features from Revolut’s Premium segmentation will be provided to Metal users.
Meanwhile, Revolut explained their product segmentation to Hard Fork:
“We see Revolut Metal as an essential lifestyle product for people of all ages and incomes, ranging from digital nomads to everyday working professionals. We are convinced that Revolut Metal will be the exclusive card of the future, and an absolute must for travelers worldwide.”
It remains to be seen if cryptocurrency usage spikes after the introduction of Metal, or if it will remain a peer-to-peer payments facilitator, as initially intended.