Posted by William Charles on April 22, 2019
Misc

Published on April 22nd, 2019 | by William Charles

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Metal Pay Payments App – Earn 5% Back In Cryptocurrency When You Send Money (iOS only) – $10 Sign Up Bonus

Metal Pay is a payments app that is similar to Venmo. Currently you can send funds using your Metal Pay balance, using a linked bank account or with cryptocurrency it is only available on iOS. The real catch with Metal Pay is that for every transaction where you send money you’ll earn up to 5% back in cryptocurrency (metal or $MTL), there are no fees to send cash or cryptocurrency. You’ll notice that we said up to 5% and that’s because they cap the amount paid out each day to about 7,200 MTL, as they start reaching that threshold the amount paid out decreases so that it never hits 0. You can also use Metal Pay as a cryptocurrency wallet and buy and sell 16 different types of cryptocurrency as well.

Like most financial tech companies, Metal Pay uses Plaid when connecting to your bank account (used by Mint and other big players).

Sign Up Bonus

Normally you can get a $6 bonus when you use a referral link, but Metal Pay has agreed to give our readers a sign up bonus of $10 when using this link (we do not get any commission, we are passing the full bonus onto you). This  code is limited to 1,000 redemptions and expires on May 3rd. Once it hits 1,000 redemptions it will say that the promotion is no longer valid.

Our Verdict

Unfortunately there is no debit or credit card angle here, but it could be useful if you’re a fan of Cryptocurrency and use these types of payment apps. Personally I’ll be giving this one a miss

F.A.Q’s

Note the first two questions are ones we asked Metal Pay directly.

What stops two parties just sending money to each other over and over again?

This is great questions that we get asked a lot. Basically, we are monitoring for this “payment cycling” or “payment spinning” with algorithms.  We don’t want people cycling payments to each other and taking all the rewards. We reserve the right to drop someone’s ability to earn lower and lower until they eventually hit zero if we detect abnormal behavior like payment cycling.

What’s the monetization plan for metal pay

We have a “Discover” section of the app that we plan to use first and foremost to educate people about our product and cryptocurrency. But, this section will also serve as a marketplace for other businesses (crypto or not) who want to reward or interact with our user base, which they can do for a fee. There is a small fee for selling or buying cryptocurrency (1%).

 



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Leapfrogger
Leapfrogger

Not available on Android?

parkdanil

They said they were working on an Android version like 7 months ago. I don’t know the first thing about coding but that seems a rather long time.

Beefer
Beefer

P2P payment apps are literally FOR payment cycling.

You pay your friend for coffee, then they pay you for coffee the next day. Super bizarre business model.

P2P payment apps are nearly entirely for that.

Frank
Frank

I think they mean real cycling — I send $500 to you and you immediately send it back. If they punish people because they only send between each other in random appropriate amounts then that’s just stupid

Frank
Frank

I like how DoC got us a higher bonus but still tells us he’s passing #BestBlog

Rick
Rick

just signed up using the link and dont see $10 inmy account, im at $0. but it didnt say anything about promo not valid..am i supposed to do something to trigge the $10 now or what

eric
eric

So on the top right corner, there is a little present icon, take the link from above and repaste it in. In about 5-10 minutes you will see $10 in cryptocurrency in your account.

Rick
Rick

thanks. you mean the referral link from doc? is it this: https://www.metalpay.com/?_branch_match_id=479297142335317540

i just entered it in the app where you said and nothing happened. guess illw ait 10min to see ifi get the $10 but still confused lol

eric
eric

Yes, that’s the one I used, and your balance will be $0, but your crypto will be around $10, it may drop a little because crypto price fluctuates.

Rick
Rick

did anything happen when you entered it? did it say promo accepted or something. im checking an hour later and still no $10 crypto for me…

eric
eric

I got an email, you have to confirm your email address.

Welcome to Metal Pay, Eric!
You rock, and you know it. That’s why you signed up for Metal Pay and earned:

19.945335 MTL
Save it, send it, or cash it out. You decide what happens next!

Tommy Chen
Tommy Chen

Did everything including confirm my email and after a day, still nothing 🙁

Tommy Chen
Tommy Chen

Shot them a support ticket in the app. Very fast response. They said I enter the wrong referral URL and that is why I did not yet the $10 bonus. The DOC Referral URL was auto-populated when I used the link provided in the post to sign up tho. They instantly credited my account with $10 in crypto manually.

eric
eric

Yes it is not the redirect – use this one “https://m.tl/doctorofcredit0419/”

Rocky
Rocky

Verify your identity.
When you create a Metal Pay Account a new FDIC insured account is opened& linked to Metal Cash Account. We”ll need to verify .. should i continue from here?

eric
eric

yes

dizzy
dizzy

I keep getting stalled out here, it can’t verify my ID from my DL. Bummer, as it’s been fun gathering random crypto for free

yikes!
yikes!

Giving this a pass… giving up too much personal information. Photo ID, address and the social security. This is worse than KYC!

Intl churner
Intl churner

Does it pull chex?

Guila
Guila

not available in NY

LoveFreeStuff
LoveFreeStuff

Don’t do this one guys. They’re holding my money and claiming “technical errors” for about a month. It’s a nightmare.

Gidget
Gidget

William Charles does the Doctor of Credit $10 link still work? When I click on the link (or any Metal Pay referral link) it doesn’t mention anything about the bonus anywhere on the web page. Thanks

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