Quontic Bank launches Bitcoin Rewards Checking Account powered by FIS

By Pavithra R

Financial service technology provider FIS has announced partnering with Quontic Bank, a New York-based Member FDIC bank, to launch its Bitcoin Rewards Checking account.

With this new rewards program, both crypto enthusiasts and crypto beginners can have the opportunity to grow their net worth via Bitcoin earned on eligible debit card purchases. The announcement makes Quontic Bank the first FDIC insured financial institution in the U.S. to go live with a Bitcoin Rewards debit card, which allows holders to earn 1.5% Bitcoin on eligible debit card purchases. Additionally, Quontic’s Bitcoin Rewards Checking program also offers consumers a debit card, mobile app, access to over 90,000 surcharge-free ATMs, ApplePay, GooglePay, SamsungPay, Zelle peer-to-peer payments, and more – all with no monthly service fee. 

“This new Bitcoin Rewards Checking Account is another way that Quontic Bank is delivering innovative and useful products to our customers. As Bitcoin continues to gain usage and acceptance as a digital currency, our new rewards checking account provides customers a way to build wealth simply by swiping their debit card. We see this as the future model for banking: mobile-first, highly flexible, and providing a superb customer experience,” said Steven Schnall, CEO & Founder of Quontic.

Quontic is leveraging FIS’ Digital One solution to provide a mobile app with an enhanced digital experience that will enable robust Bitcoin rewards tracking, reporting and functionality. The new Quontic app, which is targeted to launch in Q2 of 2021, will enable cardholders to open and manage accounts via the app on their smartphones or tablets. The bank is also partnering with financial services firm NYDIG to provide a secure custody platform for managing the Bitcoin rewards.

“FIS is excited to partner with Quontic Bank to bring this groundbreaking solution to market. Beyond the ability to earn and redeem rewards points based in Bitcoin, the new checking account will provide crypto enthusiasts the convenience and flexibility of doing their checking entirely via a mobile app. Quontic Bank is inventing the future, and we expect to see many other banks, both large and small, follow in its footsteps in the year ahead,” said Rob Lee, Head of Digital and Banking at FIS.

Recently, Worldpay from FIS & Visa partnered to bolster digital commerce security and convenience.

Established since 1968, FIS is a provider of technology solutions for merchants, banks, and capital markets firms globally. It is a Fortune 500 company and is a member of Standard & Poor’s 500 Index. The FinTech supports real-time payments across the globe, processing instant transactions in 24 countries including the United States, India, China, Australia and the U.K.