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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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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