Visa Powers ‘Pengu Card’ with 12% Rewards as Shares Rise 0.33%
Visa will power the ‘Pengu Card’ crypto debit card, enabling stablecoin and crypto spending at over 150 million merchants with up to 12% rewards and 7% yield; shares rose 0.33% after reveal. Executives Jack Forestell and Chris Newkirk will speak at tech and fintech conferences on March 3 and 11.
1. Visa Backs Pudgy Penguins Debit Card
Visa will underwrite the ‘Pengu Card,’ enabling holders to spend stablecoins or cryptocurrencies at more than 150 million merchants globally. This marks a strategic push into consumer crypto finance, integrating digital assets into Visa’s existing payments network.
2. Tiered Rewards and Yield Structure
The Pengu Card offers three tiers—Standard, Black and Gold—with rewards ranging from 6% to 12% and up to 7% yield on idle balances. Users must join a waitlist via the KAST app and refer friends to secure a card.
3. Market Response and Token Impact
Following the announcement, the PENGU token jumped over 3% and trading volume surged 56% in 24 hours, while Visa shares climbed 0.33% after hours. The move underscores growing institutional engagement with crypto-linked payment products.
4. Upcoming Executive Presentations
Jack Forestell, Chief Product and Strategy Officer, will present at the Morgan Stanley Technology, Media & Telecom Conference on March 3, and Chris Newkirk, President of Commercial & Money Movement Solutions, will speak at the Wolfe Research FinTech Forum on March 11.