Crypto.com has launched its latest feature called- ‘Pay Your Friends.” This brand new launch will replace the old Venmo with crypto, as per the announcement the platform made on Twitter. Those who are already signed up on the platform can start enjoying instant payments and crypto transfers. And for those who are yet to join the tribe, when they stake the minimum of 50 MCO, the one who will introduce them to the platform will get 50 U.S. Dollars. Also, as per sources, there are no limits to this reward. The payment and crypto platform is also offering a 10 percent rewards when the user pays back to their friends.
The payment platform headquartered in Hong Kong is all set to speed up the process of world crypto adoption with such interesting features. The company wants to see crypto in every wallet. That is why they seek out to launch products and services that encourage crypto adoption all around the world. As per the official announcement by the company, there are two main causes.
Free and instant payments to friends-
- If someone’s friends are not on crypto.com yet, the introduced will get 50 U.S Dollars when they stake a minimum of 50 MCO. The company has not set any limits to it.
- When the users of Crypto.com will pay back to their friends, they will be rewarded with a cashback of up to 10 percent on the very transaction. It will be applicable for both the new and the old users of the platform. As of now, there has been a cap set on the total cashback, which is- 5 U.S Dollars for every user on a monthly basis.
The platform clearly stated that the main objective of such an endeavor is to attract more and more people to the crypto landscape. To add another layer of attraction, the platform is offering services that are instant and won’t cost the users a single penny. Such attraction will eventually lead to the global crypto adoption, and thus bring in values such as financial freedom, zero involvement of the third party and the related costs, efficiency in time management, lower costs, cross border ease of transaction, a truly decentralized financial ecosystem, and so on.
So what is the process of receiving the rewards?
When the user sends CRO to his or her friends, the user gets-
- 10 percent of the CRO amount. For this, the user needs to hold an active Council Node Rewards set, or a minimum of 10K CRO should be present in his or her account.
- Otherwise, the user will get 5 percent of the CRO amount.
How many rewards will the user receive depends on the type of gift card the user has purchased. Categories vary such as- food, grocery, taxi, fashion, games, entertainment, flights, hotels, and so on.
Is there any minimum amount that must be transferred?
No, there is no minimum amount. But as per the company’s official announcement, the user will get the pay rewards only if the amount will equate to more than 0.01 U.S. Dollars.
How to synch the friends’ contact list on the Crypto.com app?
It is very simple. The app, at the time of installation, asks for permission to access the phone’s contact list. These phone numbers will be automatically be verified if they are a new user on the platform or they are already existing users. The numbers which are not with country code, Crypto.com will use the user’s registered phone number’s country code and then add that number to the user’s contact phone number.
Payments made to the non-Crypto.com user-
In this case, the payments will be marked as ‘pending payments.’ Crypto.com send an SMS text message to the person to prompt them about the payment.
These payments get successful only after the non-Crypto.com user registers with the platform. One should note that the registration must be completed in seven days. Only after the successful registration, the user who made the payment will receive rewards.
The expiry date of the unfulfilled payments-
In case when the non-user of Crypto.com does not register one’s self within the seven days, the payment made will get expired. Then the payment will be reverted to the sender. The platform informs the recipient on the expiry of the payment.
Canceling the payment-
One should note that the sender of the payment has the right to cancel the payment at any time. All you need to do is to choose the pending payment transaction option in the crypto wallet. Then by clicking the cancel payment option and then by confirming the step, one is able to successfully cancel the payment. After this, the user gets a text message prompt by Crypto.com about the cancellation of the payment as the final confirmation.