The new partnership compliments Perk Coin, the Perk Hero digital loyalty currency, the release stated.
Now, when customers make purchases with Perk Coin, they’ll be able to receive instant digital rewards, which they can use to buy digital gift cards as well as goods and services, according to the release.
Through providing a crypto pay option, the company said in the release that it hopes to accelerate its use of blockchain for digital rewards. Perk has filed for a patent application, which will be used for a foundational technology to lower costs and boost the speed of crypto transactions.
“This relationship provides our customers with a convenient option to pay with their preferred digital currency,” said Perk Labs CEO Jonathan Hoyles in the release. “On top of being able to offer a payment method that is less expensive and more secure than credit cards, it also opens up an opportunity to market Perk to the cryptocurrency community. In the past year, there has been a surge in cryptocurrency usage, and we expect to see cryptocurrency increasingly used for payments, especially as the speed and convenience of paying with cryptocurrency continues to improve.”
BitPay CEO Stephen Pair added in the release: “BitPay makes accepting crypto a quick and easy process for Perk so they can realize the benefits to receiving payments faster, more secure and less expensive while expanding on a global scale. We see the future of payments on the blockchain and work with customers like Perk to transform how people send, receive and store money.”
PYMNTS reported that there are at least 46 million consumers who would consider using cryptocurrency to pay for everyday items. Cryptocurrency ownership increased 63 percent in 2020 alone.