Mogo Inc (NASDAQ: MOGO) is setting the stage for a strong start to the week after the company announced the official launch of MogoSpend, a service that further closes the gap between the Mogo App and Square’s Cash app. Here’s what’s going on:
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MOGO Stock Heads Up On MogoSpend Launch
As mentioned above, early this morning, Mogo announced the launch of its new digital spending account known as MogoSpend. The account comes with a Mogo Visa Platinum Prepaid Card and offers consumers a way to not only improve financial health, but environmental health as well.
With the Mogo Platinum Prepaid Visa Card, consumers have the ability to track and manage their spending, assisting in the goal of reaching zero debt. Throughout the process, MogoSpend users will be passively working toward the creation of zero carbon footprint as the account comes with automatic carbon offsetting as every dollar spent using the account will result in one pound of carbon being offset on the member’s behalf.
In a statement, David Feller, Founder and CEO at MOGO, had the following to offer:
“In 2020, we are dealing with a global pandemic, rising financial and social inequality and an escalating climate emergency. This has created an urgent need for a more sustainable way to manage our finances – one that takes into account our financial health, the planet’s health and the health of our society.
Our goals in creating MogoSpend were to create a new way for Canadians to manage their spending that helps address these problems and to make the product accessible to everyone, regardless of income.”
MogoSpend And Climate Change
While climate change has been hotly debated for more than a decade, we’ve come to the point where the effects of this phenomena are becoming undeniable. Wildfires, hurricanes, and other natural disasters are becoming more intense as readings show that the world is indeed experiencing higher temperatures.
There’s a strong argument that if we don’t take this phenomena seriously now, we won’t have the opportunity to catch up later. As such, large companies like Apple and Amazon have already announced work to offset their carbon footprints, but corporations can only do so much.
The fact of the matter is that about 72% of global emissions come from consumer consumption. That’s what makes the MogoSpend card such a big game changer. By simply using the card a pound of carbon will be offset for every dollar spent. With enough use of the MogoSpend Platinum Prepaid Visa, consumers can reach carbon neutral or even create a negative carbon footprint, empowering them to join the fight to save our home planet from the devastating effects of global warming.
In order to meet or exceed the promise to offset one pound of carbon for every dollar spent, Mogo has partnered with Offsetters, a Vancouver-based company that specializes in the management of offsetting projects.
In a statement, Greg Feller, President at MOGO, had the following to offer:
“Canadians spend more than $900 billion annually in cash, debit and credit cards payments, and this is increasing as more and more people and businesses go cashless. As our members adopt MogoSpend – and we bring new members into the Mogo account – we hope we can help them achieve a net zero carbon footprint and, collectively, make a meaningful impact on carbon reduction.”
A Tool To Fight Consumer Debt In Canada
As with most developed nations, consumer debt in Canada is becoming a real problem. At the moment, about 57% of Canadians carry credit card debt. Unfortunately, this leads to severe financial stress for many, one of the top stressors in the world.
The MogoSpending account gives consumers the ability to upload the money they want to spend, and budgeting tools to help them stick to their goals through better monitoring. With no credit impact, no need to change banks, and no monthly fee, the MogoSpend account is a tool that all consumers, regardless of income, can use to improve their financial health.
The Bottom Line
One of the factors that made the Square Cash App so successful is the fact that it made money management tools available to the masses in the United States. That’s exactly what Mogo is doing in Canada, while going one step closer in providing consumers with the ability to reduce, eliminate, or even reverse their carbon footprint.
As the company continues to make consumer financial health and environmental health their top priorities, the service is becoming a better version of the Cash App, and the implications of such actions are overwhelmingly positive for the company and its investors!
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