UK FinTech Plutus teams up with Nike for cashback offers

Source: IBS Intelligence 2020-06-08

UK FinTech and a rising challenger bank, Plutus, has reportedly announced a collaboration with Nike in a bid to enable customers to earn cashback via the Plutus Visa Card that will be made available on Nike’s online store. The FinTech has previously partnered with Airbnb and Skyscanner.

According to Plutus, the agreement with Nike is expected to enable the former’s users to earn additional rewards on specific products, according to media reports. The partnership is expected to be put into effect in the latter half of 2020.

“We recognised the importance of cryptocurrencies early on, and, in particular, honed in on the retail adoption struggles of the nascent asset and payments class,” commented Danial Daychopan, founder of Plutus. “The aim was to circumvent the need for retail acceptance by integrating cryptocurrencies with our traditional legacy infrastructures to make them spendable anywhere immediately.”

“You can purchase products such as the Nike Air Max ’90s, customise them using the Nike By You website, and receive up to 9% cashback on top of the 3% crypto back for your purchase, which appears in your Plutus account,” said Minyi Soon, CPO of Plutus.

FinTech Plutus enables users to connect their cryptocurrency wallets to the app in a non-custodial way, meaning that the company never has access to users’ private keys. Users’ crypto assets reside side-by-side with GBP and EUR accounts tethered to a VISA Debit Card and are spendable with more than 61 million merchants worldwide. It aims to combine both banking and cryptocurrencies within its user-friendly application.

“Importantly, the PLU tokens are trivially convertible to other crypto tokens or fiat,” says founder Daychopan. “Overcoming some of the obstacles of traditional loyalty programmes also led to us revamping the model entirely — meaning users can redeem the PLU token for Plutus Premium Services, transfer PLU tokens to friends or family, and convert them into their fiat balance for spending.”

Plutus

Cryptocurrency

financial technology

Visa

United Kingdom

UK FinTech Plutus teams up with Nike for cashback offers

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