Swoo offers crypto cashback services via Mastercard partnership

Tuesday 20 February 2024 15:20 CET | News

Netherlands-based mobile wallet Swoo has partnered with global payments network Mastercard to offer crypto cashback on everyday purchases.


Through Swoo, users can earn crypto cashback in the form of Swoo Loyalty Tokens for each contactless payment made via the app using digitized Mastercard cards. This partnership reflects a growing interest among prominent financial institutions and retailers in engaging with cryptocurrency assets. Such initiatives are seen as a means to modernise loyalty programmes, which have faced challenges such as stagnant client retention and redemption rates, delays, and high implementation costs over the past decade.

According to the official press release, this collaboration reflects the growing interest of major financial players and retailers in integrating crypto assets. For customers, this initiative offers a user-friendly introduction to crypto assets without the need for significant investment commitment. 

The partnership builds upon the success of a previous pilot campaign named 'Super Tokenback with Mastercard.' During the three-week campaign, users received 5% Tokenback (crypto cashback) on all Mastercard purchases made through Swoo Pay. The campaign saw over 17,000 participants conduct more than 128,000 transactions, resulting in an increase in card spend and the introduction of new consumers to crypto-backed rewards.


Global card issuer Mastercard has partnered with Netherlands-based mobile wallet Swoo to offer crypto cashback on everyday purchases.


How does the cashback system work?

Once users earn Tokenback in Swoo Loyalty Tokens, they can either exchange their rewards for popular cryptocurrencies such as USDT or BTC within the Swoo app or convert them to fiat money through partnering services. As Swoo continues to develop its crypto rewards platform, it will support more Web3 features, enhancing the utility and value of loyalty tokens within the ecosystem. 

This programme holds particular significance for individuals traditionally underserved by payment services, such as those in emerging markets and Android phone users. In the official press release, representatives from Swoo talked about Swoo Loyalty Tokens and how they seamlessly integrate crypto into mainstream markets, complying with local regulations and simplifying the launch and scalability of marketing campaigns to attract new users. 

In turn, officials from Mastercard talked about the company's endeavours to constantly expand the possibilities of using digital payment instruments to make payments as convenient, technologically advanced, and safe as possible. They also talked about Swoo Pay and how it addresses issues with Tokenized payments for Android device users, making them more accessible.

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Keywords: cryptocurrency, partnership, digital wallet, cashback
Categories: DeFi & Crypto & Web3
Companies: Mastercard, Swoo
Countries: Middle East
This article is part of category

DeFi & Crypto & Web3




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