Nexo, a leading cryptocurrency platform with over 7M active users in 200 countries around the world, announced that its Nexo Card received the "Consumer Payments Innovation Award" at the 2024 FinTech Breakthrough Awards. The award recognizes innovation and excellence of the Nexo Card in the cryptocurrency payments sector.
In particular, among the main reasons in addition to the well-known 2% cashback, there is the Dual Mode, i.e. the possibility of switching from debit card to credit card with a simple click, thus freely deciding to spend your cryptocurrencies directly or take advantage of the credit line according to your needs.
“With our Nexo Card Dual Mode, customers have not only embraced the digital revolution, but also demonstrated how indispensable such products are in the ecosystem” - Elitsa Taskova, CPO of Nexo.
Following in the announcement is an interesting report regarding the Christmas holiday period. The Nexo Card fueled over $50 million in purchases during the 2023 holiday season (+43% from Q3) and 4.5x user growth.
The period coincided with the 6% cashback promo for all new users which ran from 1 November 2023 to 9 January 2024, below are the precise data:
- $50,318,592 in transaction volume via the Nexo Card
- A notable 43.05% uplift in transaction volume from the previous 3-month period
- The number of Nexo Card transactions also escalated by 32.21%, suggesting holders were more active and more numerous than before, rather than simply spending more.
- As for exactly how many more Nexo Cardholders there were: The card also saw an extraordinary 4.5x rise in users as compared to the August - October 2023 period.
- The rise in users was significantly influenced by the introduction of Crypto Spend Debit Mode, which led to a rise of more than 200% in Debit Mode transaction volume compared to august-october (while 3x more in Credit mode compared to Debit, due to of cashback)
- Total cashback earned by users through cashback was $521,195 (November - January)
The report continues, demonstrating how transactions in foreign countries have grown by 70.6%, for a total of 164 countries in the world and the use of the card, such as for payments in shops, shopping, restaurants, travel and much more.
In conclusion, the Nexo Card presents itself as an innovative and versatile solution for managing daily expenses. Its growing popularity and Nexo's commitment to developing new products and integrated services make it an increasingly important and useful card for users who wish to exploit the advantages of cryptocurrencies and a good return on expenses of 2% on each purchase, with the possibility of earning up to 14% on the cryptocurrencies held.
https://fintechbreakthrough.com/2024-winners/
https://nexo.com/blog/the-nexo-card-holiday-spending-report-2023-24
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