Sportswear juggernaut Nike is no stranger to blockchain and cryptocurrency; not only has the brand partnered e-commerce and crypto payment service Lolli last November to enable greater payment options for its customers, it also patented a new token system for its shoes, CryptoKicks, in December. In a recent development, a partnership between Nike and fintech company Plutus will allow customers to earn cashback from online Nike store purchases made with cryptocurrency.
According to the press release, customers can enjoy up to 3% in cryptocurrency or 9% in cash rewards when they pay with Plutus’ VISA card upon checkout. This service is currently available only to the European and United Kingdom regions as cashback will be in the form of pounds (GBP) or euros (EUR).
Additional rewards can be earned if customers take Plutus’ proprietary token Pluton (PLU) in the Plutus app. A decentralized loyalty token running on the Ethereum network, users can earn up to 12% rewards in total.
Plutus has primarily worked with partners in the travel industry so far, namely Airbnb and Skyscanner. This is its first partnership with a footwear brand, a necessary step (pun not intended) in light of the COVID-19 pandemic that has all but brought the aviation, travel and tourism industries to a complete standstill.
““Plutus was approved as an affiliate partner for both Airbnb and Skyscanner at the start of the year, however all programs in the travel category have been temporarily paused by the company due to travel restrictions caused by COVID-19. Both of these partners were included to offer cash back to qualified Plutus members,” CEO Danial Daychopan shared.