Fold App Includes BTC Cash-Back Rewards For Using App With Amazon & Uber

Fold App Includes BTC Cash-Back Rewards For Using App With Amazon & Uber

You may have heard of the Fold app, which is a crypto payments feature launched in February for buying Dominos pizzas using the lightning network. Well now, Fold is now providing cash-back rewards in the leading cryptocurrency to consumers who use the mobile app for buying goods and services through Amazon, Uber, Starbucks, Burger King, REI, and Target, and more.

Lolli - the in-browser app - is already providing this feature for users on a desktop, and is actually developing a mobile app of its own. As the crypto payments app comes into the picture, enthusiasts could see a benefit from the rivalry between the two shopping apps. That being said, Lolli offers custodial wallet and in-browser app which can also be used to send BTC rewards to outside wallets. The Fold app will automatically direct these rewards to an outside wallet specified by the user.

Will Reeves, the Fold product lead told CoinDesk:

“It’s akin to accruing rewards points, just these are denominated in satoshis [fractions of bitcoin]. They can be used for purchases within Fold or withdrawn to an actual bitcoin wallet.”

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The lightning compatibility of Fold also separates it from the beginner-friendly service that Lolli provides. Because Lolli works directly with merchants, this is a possibility. 

“Fold partners with pre-paid card networks and essentially buys a gift card with users’ bitcoin then facilitates the purchase on users’ behalf. Reeves said the lighting pizza feature has generated nearly $10,000 worth of transactions so far, with dozens of pizza purchases still rolling in every day.”

Executives from both companies have said that their firms have thousands of active monthly users. Alex Adelman, the CEO of Lolli, added that as well as launching a mobile app, his team has plans to integrate lightning options into the Lolli payout feature.

He said:

“Lightning will be a powerful tool to help with the mainstream adoption of bitcoin. I’m excited to eventually share it with all our merchants.”

Reeves says that rivals like Lolli have adapted incumbent affiliate models while the Fold app looks to create a new payments system.

“Soon, Fold users will be able to spend any currency they choose directly with these retailers and get free bitcoin for doing so. Beneath all the fun of shopping and rewards we intend to introduce a whole new paradigm to consumer spending.”

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