VANCOUVER, British Columbia--(BUSINESS WIRE)--Mogo Inc. (TSX:MOGO) (NASDAQ:MOGO) (“Mogo” or “the Company”), one of Canada’s leading financial technology companies, today announced that its digital spending account, MogoSpend, which comes with a Mogo Visa* Platinum Prepaid Card, now supports Apple Pay®, Google Pay™ and Samsung Pay. This provides MogoSpend users with even more options for cashless, contactless payment using their smartphone or other devices, while continuing to get all the benefits and security of MogoSpend.
MogoSpend is the first product of its kind designed to help Canadians improve their financial health and the health of the planet through better spending control and automatic carbon offsetting. MogoSpend helps you achieve a zero debt and zero CO2 lifestyle by automatically offsetting one pound of CO2 for every dollar spent. MogoSpend was built as a mobile-first experience and designed to help users be more mindful of their spending. Every time a purchase is made, the member automatically receives a notification showing the amount spent, where they spent it, their updated balance and how much CO2 they’ve offset. It also gives members the ability to track their spending by month so they can see their progress, including a 3-month average spend.
“The COVID-19 crisis has quickly accelerated the adoption of digital payment options and mobile wallets to address the demand for contactless payment. According to one recent study1, retailers in the U.S. reported a 69% increase in contactless transactions since January 2020 – and we see no signs of that abating,” said David Feller, President & CEO of Mogo. “MogoSpend is already a unique product in the Canadian market, and the addition of Apple Pay, Google Pay and Samsung Pay further enhances the value for our users, giving them more ways to make contactless purchases using MogoSpend while they continue to focus on reducing their consumption, spending more sustainably, and offsetting their carbon footprint.”
MogoSpend is now readily available through the free Mogo app, on iOS or Android. MogoSpend users can use Apple Pay, Google Pay or Samsung Pay by adding the Mogo Visa* Platinum Prepaid Card to their eligible device.
* Trademark of Visa International Service Association and used under licence by Peoples Trust Company. Mogo Visa Platinum Prepaid Card is issued by Peoples Trust Company pursuant to licence by Visa Int. and is subject to Terms and Conditions, visit mogo.ca for full details. Your MogoCard balance is not insured by the Canada Deposit Insurance Corporation (CDIC). MogoSpend is only available to MogoMembers with an activated MogoCard. MogoCard means the Mogo Visa Platinum Prepaid Card.
1 Study from the National Retail Federation and Forrester Research: https://retailleader.com/will-consumers-stick-contactless-payments
Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of applicable securities legislation, including statements regarding the adoption of digital payments. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at the time of preparation, are inherently subject to significant business, economic and competitive uncertainties and contingencies, and may prove to be incorrect. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual financial results, performance or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. These forward-looking statements are subject to a number of conditions, many of which are outside of Mogo's control. For a description of the risks associated with Mogo's business please refer to the “Risk Factors” section of Mogo’s current annual information form, which is available at www.sedar.com and www.sec.gov. Except as required by law, Mogo disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise.
About Mogo
Mogo — a financial technology company — offers a finance app that empowers consumers with simple solutions to help them get in control of their financial health and be more mindful of the impact they have on society and the planet. We all know it’s time to do things differently. It’s time for a new way to manage our money, one that’s inclusive and sustainable. One that takes into account our financial health, the planet’s health and the health of our society. At Mogo, users can sign up for a free account in only three minutes and begin to learn the 4 habits of financial health and get convenient access to products that can help them achieve their financial goals and have a positive impact on the planet including a digital spending account with Mogo Visa* Platinum Prepaid Card featuring automatic carbon offsetting, free monthly credit score monitoring, ID fraud protection and personal loans. The Mogo platform has been purpose-built to deliver a best-in-class digital experience, with best-in-class products all through one account. With more than one million members and a marketing partnership with Canada's largest news media company, Mogo continues to execute on its vision of becoming the go-to financial app for the next generation of Canadians. To learn more, please visit mogo.ca or download the mobile app (iOS or Android).