Bank software and payment technology giant FIS is teaming up with a New York-based digital bank to launch a rewards card where users can earn bitcoin.
The launch makes Quontic “the first FDIC insured financial institution in the U.S. to go live with a Bitcoin Rewards debit card,” according to a press release.
In particular, customers with an interest in cryptocurrencies will be able “to earn 1.5 percent bitcoin back on eligible debit card purchases,” FIS said.
“As bitcoin continues to gain usage and acceptance as a digital currency, our new rewards checking account provides customers a way to build wealth simply by swiping their debit card,” said Steven Schnall, CEO and founder of Quontic, in the release. “We see this as the future model for banking: mobile-first, highly flexible and providing a superb customer experience.”
Quontic, a “longtime FIS core banking customer,” will use an “FIS Digital One solution” to enable “bitcoin rewards tracking, reporting and functionality,” noted the release.
Through Quontic’s new app, slated to launch in the second quarter of next year, cardholders will be able to both “open and manage accounts via the app on their smartphones or tablets.”
Financial services firm NYDIG is also partnering up with Quontic to provide the custody platform that will be used to manage the bitcoin rewards.
“FIS is excited to partner with Quontic Bank,” said Rob Lee, head of digital and banking at FIS. “Beyond the ability to earn and redeem rewards points based in bitcoin, the new checking account will provide crypto enthusiasts [with] the convenience and flexibility of doing their checking entirely via a mobile app.”