PayRewards launches in America with $28M and a 1.75% fee to earn points

PayRewards, the U.S. arm of Australian firm Pay.com.au, launched with $28 million in funding and a 1.75% fee on bank transfers to earn one point per dollar (or 3.25% for two points), with points valued at one to two cents each. The company processed over $7 billion for more than 30,000 customers in the past year, positioning the fee structure as a “double dip” alternative to traditional card processing fees that can reach 6.15%.