Austrian firm, Monkee has launched a Smart Money Card in partnership with Visa and Banking as a Service(BaaS) provider Qenta.
The personal finance “Save Now Buy Later” company said the card will allow users to build savings in both stationary and online retail. This will be in cash rather than the more common form of points or miles.
The Smart Money Card is a Visa debit card that can be used to pay at retailers worldwide whether online or contactless at the checkout. Card users will receive cashback through Monkee’s app when they purchase from any of its partners in Austria and Germany.
As cashback continues to be popular with consumers globally, the latest incentive falls in line with a broader trend. According to Statista, the global cashback industry is expected to be worth more than $200bn a year by 2024, with statistics showing that 46 per cent of cashback participants consider it a vital step in their purchase decisions.
The same research also revealed that retailers who have participated in cashback grew their revenue up to two and a half times faster than competitors who do not use such schemes.
In this case, for online retail Monkee said users will receive at least 0.1% cash back on their savings goals every time they make a purchase with the Smart Money Card and up to 20% if they shop with one of its partners.
Martin Granig, Monkee CEO and Founder, added:With the Smart Money Card, we are taking the next step in scaling our business model together with Visa and Qenta. Everyday purchases that people would make anyway pay towards their savings goals by reinterpreting cashback – naturally. In addition, we want to give local businesses the opportunity to be part of our cashback system alongside brick-and-mortar and online retailers.”
