Using gamification to help consumers save money and the planet
Mogo Inc. (TSX:MOGO) (NASDAQ:MOGO) (“Mogo”), a financial technology company focused on empowering consumers with innovative digital financial solutions that help them get in control of their financial health, today announced the release of its new updated Mogo app featuring an interactive Rainforest Mode as part of the MogoCard experience. The MogoCard is the Mogo Visa Platinum* Prepaid Card that is designed to help Canadians get in control of their spending by moving away from the overspending associated with credit cards, while also being the first card to help fight climate change by automatically offsetting CO 2 with every dollar spent using the card. Mimicking the sights and sounds of the Amazon rainforest, the new feature brings Mogo’s carbon offsetting project to life.
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Mogo's new Rainforest Mode aims to help users be more mindful of their spending. (Photo: Business Wire)
Found within the Spending section of the Mogo app, Rainforest Mode includes the sounds and visuals of the Amazon Rainforest and is designed to evoke a calming, zen-like atmosphere, aimed at helping users be more mindful of their spending to not only reduce their carbon impact but also to become more in control of their spending to achieve better financial health.
“Financial stress continues to be one of the biggest stressors for Canadians, while climate change remains one of the biggest long-term challenges we all face. Our goal with the MogoCard was to design a solution that helps consumers get control of the most important part of their financial game, spending, while also helping to solve climate change,” said David Feller, Mogo’s Founder & CEO. “Given more than 50% of Canadians carry credit card debt, moving away from credit card spending to a product that only lets you spend what you load is the first step toward gaining control of your finances. Spending is also one of the main drivers of climate change, as everything we buy has a carbon footprint. An estimated seventy two percent of CO 2 comes from our consumption. An important step toward reducing financial stress and addressing the climate crisis is to avoid overspending and, importantly, offsetting our CO 2 . Our goal at Mogo was to gamify the experience of saving money and the planet, and Rainforest Mode really takes this to a whole new level. Banking and consumer finance is going through a disruption that many other industries have already faced, and we believe that the future of financial health will look more like a game than a typical banking app.”
The MogoCard and Rainforest Mode are free to all Canadians and available by downloading the Mogo app. In addition to these products and features, the Mogo app offers members free identity fraud protection, free credit score monitoring and a simple way to buy and sell bitcoin. Mogo is the only FINTRAC regulated and publicly traded Canadian company on both the TSX and NASDAQ to offer Canadians this unique suite of products.
To learn more about Mogo’s mission to help consumers achieve a zero debt and net zero CO 2 lifestyle, visit: https://blog.mogo.ca/rainforest-mode-is-here-to-help-the-environment
More About MogoCard
Everyday climate action
Mogo encourages its customers to spend consciously, promoting a debt-free, carbon positive life. MogoCard is the first and only card in Canada (debit, credit or prepaid) to launch with a carbon offset program so consumers can have a positive impact on the environment simply by spending with Mogo. Through the program, Mogo will offset one pound of CO 2 for every dollar spent using the card. Mogo has partnered with Offsetters , one of Canada’s leading providers of sustainability and carbon-management solutions. Offsetters helps organizations and individuals understand, reduce and offset their environmental impacts and specializes in high quality verified offsets. The current project supported by Mogo is a certified REDD+ initiative focused on protecting the Amazon Rainforest, one of the largest absorbers of CO 2 on the planet today, from deforestation.
No monthly or annual fee
There are no monthly or annual fees associated with the MogoCard.
Mindful spending made easy
The MogoCard 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 CO 2 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.
Automated budget
To help members better manage their spending money, auto-transfers can be set up to regularly transfer a member’s spending money from their bank account to the MogoCard. There is no need to switch banks.
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. At Mogo, users can sign up for a free account in only three minutes to 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 the Mogo Visa* Platinum Prepaid Card, featuring automatic carbon offsetting, free monthly credit score monitoring, ID fraud protection and personal loans. Members can also easily buy and sell bitcoin 24/7 through the Mogo app and earn cash to buy bitcoin through Mogo’s new bitcoin rewards program. 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 PostMedia, 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 ).
* 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20201127005272/en/
For further information or interview requests:
Christy Cameron
Investor Relations
press@mogo.ca
604-659-4380