Revolut's Metal Debit Card Lets Users Earn Cashback in Crypto

Launched Aug. 22, Revolut released a new metal debit card that gives customers cashback in cryptocurrency.

Yesterday, fintech startup Revolut revealed its new Revolut Metal debit card for premium customers-giving access to additional perks and features including cashback in cryptocurrency.

Based in the U.K., Revolut is a prepaid debit card service that enables users to exchange and transfer different currencies, including crypto.

Customers who purchase a subscription to Revolut Metal will be able to earn 1 percent cashback in either fiat or cryptocurrency from purchases made outside of Europe.

Revolut Metal customers also have access to higher ATM withdrawal limits and an exclusive concierge service for booking travel and hospitality accommodations.

Marketed as a status symbol, Revolut Metal seems to be targeting business executives and luxury travelers.

"We are absolutely convinced that Revolut Metal will be the exclusive card of the future, and an absolute must for travelers worldwide."

Major Card Providers Catch Up. In early June, payments giant Mastercard applied for patents to use a public blockchain for payment card validation and a travel itinerary bidding system.

Facing the $2 billion issue of stolen credit card payments, Mastercard aims to reduce susceptibility to "Skimming"-using a counterfeit card reader to steal payment credentials-through the integration of a public blockchain.

The patent application filed with the U.S. Patent and Trademark Office reveals Mastercard's plan to store encoded payment credentials on a public blockchain and use conveyance and retrieval methods to validate each payment card upon the point of sale.