New York Tech Media
  • News
  • FinTech
  • AI & Robotics
  • Cybersecurity
  • Startups & Leaders
  • Venture Capital
No Result
View All Result
  • News
  • FinTech
  • AI & Robotics
  • Cybersecurity
  • Startups & Leaders
  • Venture Capital
No Result
View All Result
New York Tech Media
No Result
View All Result
Home Benzinga

How Plutus Is Disrupting Rewards Cards—And Why It Matters!

New York Tech Editorial Team by New York Tech Editorial Team
October 16, 2024
in Benzinga
0
How Plutus Is Disrupting Rewards Cards—And Why It Matters!
Share on FacebookShare on Twitter

Written by Rena Marie

Plutus is gaining attention in financial technology. This U.K.-based company is transforming how rewards cards function by combining everyday spending with cryptocurrency rewards. Its approach offers a fresh way to manage personal finances.

Challenges in the Rewards Card Industry

The rewards card industry faces several key challenges. Traditional programs often provide minimal returns, typically around 0.7% back in points. These points usually have strict limitations, restricting where they can be redeemed, such as specific airlines or products. This lack of flexibility can frustrate consumers who want more control over how they use their rewards.

Another common issue is the limited ownership of rewards. In many programs, points can expire or come with restrictions on how and where they can be redeemed, leaving cardholders uncertain about the value of their earned rewards. Additionally, most programs don’t allow users to quickly transfer points,  restricting their ability to share or maximize the benefits they’ve earned.

The industry also needs help to keep up with advancements in financial technology. As cryptocurrencies and blockchain technology gain traction, consumers seek reward systems that can incorporate these newer forms of value. Traditional card issuers must adapt faster, leaving space for more flexible and advanced solutions that meet modern expectations.

Turning Everyday Spending into Valuable Rewards

Danial Daychopan, the founder of Plutus, had a unique idea for reward cards. In 2015, Daychopan introduced the concept in a paper, setting the foundation for what the company would become. Since then, Plutus has achieved several key milestones. In 2016, they launched Pluton (PLU), the world’s first cryptocurrency rewards token, offering users rewards for everyday spending.

The company’s main product is a debit card that lets users spend pounds or euros and earn up to 9% back in PLU. Daychopan explains, “We’re doing more than creating another reward card. We’re linking everyday spending with crypto rewards, allowing people to earn crypto as part of their daily routine.”

Plutus has made steady progress since its early days. More recently, it reached 125,000 customers, reflecting growing interest in financial products that reward everyday expenditures. It plans to continue expanding and aims to become a leader in rewards cards. 

Solving Real Financial Problems

Plutus addresses the common issues in traditional reward programs. In contrast to the small rewards and limited use options offered by most cards, Plutus takes a different approach. 

Users are currently enjoying up to 9% reward on purchases, with plans to increase this to 10%. These rewards can be redeemed in a variety of ways, giving users the freedom to choose how they wish to use their earnings. Users can also share or transfer rewards and move them to their wallets, giving them complete control. This combination of rewards and greater flexibility helps resolve many challenges people face with traditional reward programs.

Plutus sets itself apart with its non-custodial rewards model, giving users complete control over their PLU tokens, which they can store in their wallets. This level of independence is uncommon in traditional reward cards. Plutus also provides an app with banking-like features where users can manage their rewards balances and get their own European IBAN or U.K. sort code and account number.

A Bold Step in Financial Tech

Plutus operates in the U.K. and European Economic Area but plans to expand to the United States next. This move could grow its user base and increase its presence in the financial technology space.

Plutus’ 2024 White Paper outlines critical updates to support this growth. These include adjustments to how its tokens function and new ways to use PLU tokens, all aimed at enhancing the user experience.

Plutus’s journey from a fresh idea to a growing company highlights how cryptocurrency can influence personal finance. With its focus on higher rewards, user control, and forward-thinking leadership, it is positioned to make a lasting impact in the financial industry. It will be interesting to watch how it challenges traditional financial models and redefines the future of rewards. Its model provides insight into a future where digital assets might become as routine as a regular debit card.

Previous Post

Energy offers in The Netherlands are focussed on green and local energy

Next Post

The Daily Routines of Karl Lagerfeld 🕶️

New York Tech Editorial Team

New York Tech Editorial Team

New York Tech Media is a leading news publication that aims to provide the latest tech news, fintech, AI & robotics, cybersecurity, startups & leaders, venture capital, and much more!

Next Post
The Daily Routines of Karl Lagerfeld 🕶️

The Daily Routines of Karl Lagerfeld 🕶️

  • Trending
  • Comments
  • Latest
Meet the Top 10 K-Pop Artists Taking Over 2024

Meet the Top 10 K-Pop Artists Taking Over 2024

March 17, 2024
Panther for AWS allows security teams to monitor their AWS infrastructure in real-time

Many businesses lack a formal ransomware plan

March 29, 2022
Zach Mulcahey, 25 | Cover Story | Style Weekly

Zach Mulcahey, 25 | Cover Story | Style Weekly

March 29, 2022
How To Pitch The Investor: Ronen Menipaz, Founder of M51

How To Pitch The Investor: Ronen Menipaz, Founder of M51

March 29, 2022
Japanese Space Industry Startup “Synspective” Raises US $100 Million in Funding

Japanese Space Industry Startup “Synspective” Raises US $100 Million in Funding

March 29, 2022
UK VC fund performance up on last year

VC-backed Aerium develops antibody treatment for Covid-19

March 29, 2022
Startups On Demand: renovai is the Netflix of Online Shopping

Startups On Demand: renovai is the Netflix of Online Shopping

2
Robot Company Offers $200K for Right to Use One Applicant’s Face and Voice ‘Forever’

Robot Company Offers $200K for Right to Use One Applicant’s Face and Voice ‘Forever’

1
Menashe Shani Accessibility High Tech on the low

Revolutionizing Accessibility: The Story of Purple Lens

1

Netgear announces a $1,500 Wi-Fi 6E mesh router

0
These apps let you customize Windows 11 to bring the taskbar back to life

These apps let you customize Windows 11 to bring the taskbar back to life

0
This bipedal robot uses propeller arms to slackline and skateboard

This bipedal robot uses propeller arms to slackline and skateboard

0
The Future of “I Do”: How Technology is Revolutionizing Weddings in 2025

The Future of “I Do”: How Technology is Revolutionizing Weddings in 2025

March 19, 2025
Eldad Tamir

AI vs. Traditional Investing: How FINQ’s SEC RIA License Signals a New Era in Wealth Management

March 17, 2025
Overcoming Payment Challenges: How Waves Audio Streamlined Transactions with BridgerPay

Overcoming Payment Challenges: How Waves Audio Streamlined Transactions with BridgerPay

March 16, 2025
Arvatz and Iyer

PointFive and Emertel Forge Strategic Partnership to Elevate Enterprise FinOps in ANZ

March 13, 2025
Global Funeral Traditions Meet Technology

Global Funeral Traditions Meet Technology

March 9, 2025
Canditech website

Canditech is Revolutionizing Hiring With Their New Product

March 9, 2025

Recommended

The Future of “I Do”: How Technology is Revolutionizing Weddings in 2025

The Future of “I Do”: How Technology is Revolutionizing Weddings in 2025

March 19, 2025
Eldad Tamir

AI vs. Traditional Investing: How FINQ’s SEC RIA License Signals a New Era in Wealth Management

March 17, 2025
Overcoming Payment Challenges: How Waves Audio Streamlined Transactions with BridgerPay

Overcoming Payment Challenges: How Waves Audio Streamlined Transactions with BridgerPay

March 16, 2025
Arvatz and Iyer

PointFive and Emertel Forge Strategic Partnership to Elevate Enterprise FinOps in ANZ

March 13, 2025

Categories

  • AI & Robotics
  • Benzinga
  • Cybersecurity
  • FinTech
  • New York Tech
  • News
  • Startups & Leaders
  • Venture Capital

Tags

3D bio-printing acoustic AI Allseated B2B marketing Business carbon footprint climate change coding Collaborations Companies To Watch consumer tech cryptocurrency deforestation drones earphones Entrepreneur Fetcherr Finance Fintech food security Investing Investors investorsummit israelitech Leaders LinkedIn Leaders Metaverse news OurCrowd PR Real Estate reforestation software start- up startupnation Startups Startups On Demand startuptech Tech Tech leaders technology UAVs Unlimited Robotics VC
  • Contact Us
  • Privacy Policy
  • Terms and conditions

© 2024 All Rights Reserved - New York Tech Media

No Result
View All Result
  • News
  • FinTech
  • AI & Robotics
  • Cybersecurity
  • Startups & Leaders
  • Venture Capital

© 2024 All Rights Reserved - New York Tech Media