Crypto.com has rolled out their Pay Your Friends app today, a social finance app that also allows for direct feeless crypto payments.
As there are no fees on crypto payments, the app incentivizes the customers with a reward of $50 to those that add friends that also stake Crypto.com Chain (CRO).
Crypto.com decided to provide their services in app form in an attempt to make digital assets more popular. The direct in-app payment enhances its debit card business and also grants them access to the worlds of crypto assets and fintech.
The latest addition makes Crypto.com a rival of other payment systems such as Venmo and Revolut, and crypto payment systems Circle and Square.
CRO received a boost in price after the launch was made public, trading at $0.045 with higher volumes, but still a bit low after the recent sell-offs. MCO, Crypto.com’s original token for the project, had a trading price of $3.44, which is still low.
The new payment system may lead to an increase in CRO purchases, as the platform hands out rewards depending on how much CRO you have staked. All payments made via the app can motivate the receiver to register even if they are not using Crypto.com’s service.
” Crypto.com’s vision is cryptocurrency in every wallet. We’re committed to building products that increase the adoption of cryptocurrency globally. Today, we’re launching “Pay Your Friends” – a product that allows you to pay back your friends in crypto and earn rewards by doing so.
There are two primary use cases here:
- Paying friends back in any cryptocurrency instantly & for free – if your friends are not on Crypto.com platform yet, you will receive US$50 when they stake 50 MCO or more (metal MCO Visa Card reservation). There are no limits to this reward
- Paying friends back in CRO tokens – you will be rewarded with up to 10% cashback on that transaction; this works for both new & existing users, so we’re currently limiting the total cashback to US$5 per user per month.” -read the post.
To create an account on Crypto.com and use the service, you will have to go through full know-your-customer verification and upload a picture of an official ID and a selfie. This means that the crypto payments still comply with most requirements asked by fintech remittance platforms, which means that completely anonymous payments are not possible.
Currently, Crypto.com can support the storage and transaction of seven fiat currencies and 44 digital assets.
Featured image: Altcoin Buzz