Retail investors are interested in cryptocurrencies, but many are hesitant of its highly volatile nature; so the idea of earning some free crypto without having to part ways with your hard-earned cash is an extremely attractive offering.
Earning crypto is poised to be the next big trend. In the last two years, we have seen the rise of numerous methods to passively earn crypto, including:
- Learn & Earn Tasks - where people are rewarded for learning about new tokens.
- Yield Farming - where users deposit their crypto into lending protocols and earn interest from the trading fees.
- Staking - where your tokens are temporarily locked up to keep the network secure.
- Crypto Loans – where people lend crypto out to others who repay with interest.
In fact, the trend extends beyond just the crypto market, with broader FinTech companies looking to offer customers rewards in various forms. Rewards are now so prolific that the Global Loyalty Management Market is expected to grow at a Compound Annual Growth Rate of 15.3%, moving from 7.6bn valuation to 15.5bn between 2020 and 2025.
Revolut has been a prominent example with the launch of their Perks feature earlier this year. Curve has also seen huge success from the 1% cashback they offer customers.
New FinTech’s Pioneering the Rewards Sector
Now, a new contender appears to have positioned itself as one of the most rewarding FinTechs on the market, Plutus. The finance app, available in both the UK and EEA countries, rewards users with 3% in crypto every time they make a purchase with a Visa Debit Card.
On top of this, they offer additional rewards at selected online retailers. This includes popular household name brands such as Amazon, Sky, Nike, Vodafone, and more.
Plutus has just announced a partnership with Bidroom, an online travel agency, to provide up to 25% discounts at over 160,000 hotels. With travel restrictions easing across Europe and a potential holiday rush before summer closes, this is a partnership that customers could derive real value from.
Where Next?
The FinTech market is becoming increasingly saturated, and companies are having to offer increasingly more generous benefits to stay competitive. Similarly, having become accustomed to free services, customers are becoming increasingly more demanding.
This is leading to new innovative ways in which companies can reward customers, something that Plutus appears to be at the forefront of.
