In the coming weeks, customers of the payment service will have access to a function with which they can exchange cashback received when using credit cards for the selected digital currency.
The mobile payment service Venmo, which is owned by PayPal, will give users the ability to convert cashback to cryptocurrency. The service will be available “in the next few weeks,” the company said.
Venmo customers will be able to activate the Cash Back to Crypto feature, with the help of which the cashback they receive when using the service’s credit cards will be automatically converted monthly into the selected cryptocurrency.
Say hello to Cash Back to Crypto with the Venmo Credit Card, rolling out to eligible cardholders over the coming weeks.
Learn more → https://t.co/zvQfMxIZl5 pic.twitter.com/wcroWuaapW
— Venmo (@Venmo) August 10, 2021
In April, Venmo added the ability to buy and store Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
The minimum transaction amount is $ 1, the transaction can be made using funds on the balance in the application or through a bank card.
Starting March 30, PayPal customers can use cryptocurrency to pay. Users who hold bitcoin, Ethereum, Bitcoin Cash and Litecoin on their wallets have the opportunity to convert them into fiat currencies at the time of purchase.
In the coming months, the service will be available at all 29 million merchants that work with PayPal.
PayPal opened access to cryptocurrencies to American customers in November 2020. Since then, they can buy, hold and sell cryptocurrency directly through the service.
