Fold Brings Bitcoin Payments To Major Retailers

Fold, the app that lets consumers "spend bitcoin in the real world" is attempting to spread its presence in the U.S. by pairing with more major retailers.

Fold will soon allow consumers in the U.S. to pay at Starbucks, Whole Foods and Target as part of its recent expansion efforts into the U.S. And for the loyal bitcoin users in the U.S., this is big news for those who use Fold since they have the opportunity to cash in on special discounts. For example, Starbucks is running a trial period that allows customers who use Fold to get a 20 percent discount on every purchase.

One appeal behind Fold that its been recognized for is its ability to replace traditional gift cards. Because gift cards at places like Starbucks often never get fully used, Fold users have the ability to either use the full amount that was added in bitcoin or it is refunded in 24 hours.

Currently, Fold is said to be used by thousands of users internationally and and is used by people in the U.S., Canada, Macau, United Kingdom and Hong Kong regions. But how does Fold manage to offer those deep discounts at places like Starbucks in its app?

Well, Fold reportedly buys up gift cards at cheap rates and applies discounts to its user base, and all parties in the transactions are happy. Those gift card users get to use the full value of their card without losing any money, Fold manages the service via its app and Starbucks gets its money. And if a user forgets to use the balance before it expires, those funds are refunded in full.

Fold also reminds its users about their balances so they can use the cards before they expire.

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The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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