Users can top up their Canadian dollar balance by either selling their crypto, or by sending an Interac e-Transfer to their Shakepay account. They can spend their dollars wherever Visa is accepted, both online or in stores. The Shakepay Card can also be used With Apple Pay and Google Pay where accepted.
When using the Shakepay card for purchases, users will receive 1% cashback in bitcoin on every purchase plus an additional 1% on the first $5,000 they spend. Bitcoin rewards will be settled automatically in users’ bitcoin wallets, separate from their card’s spending balance. Users will receive real bitcoin, not derivatives or IOUs, which means they can move their bitcoin to a private wallet that they control.
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For security, users can set up two-factor authentication and put a freeze on their card should they lose it.
The Shakepay Card has no annual fees and there are no credit checks. Anyone living in all 13 provinces and territories who has a verified Shakepay account is eligible to receive the card.
The Shakepay Card will be rolled out in waves. To get it, Shakepay customers must have a verified Shakepay account, download the Shakepay app and join the waitlist. Once joined, users will see their waitlist position in the app and can move up the waitlist by inviting friends to Shakepay and by shaking their phone each day.
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