Trading 212 is planning to launch card services in
the UK, according to a post by the company on LinkedIn. Dubbed the 212 Card,
this new offering promises an interest rate of 5% paid daily. According to the firm, cardholders
can receive a cashback offer of 0.5% up to £20 per month.
Additionally, Trading 212’s cards facilitate
international transactions with a foreign exchange fee of 0.15% and no fees charged on
weekends. This approach to currency exchange reportedly empowers users to seamlessly manage their global financial endeavors.
Trading 212’s new offering enables users to diversify
their currency portfolio and earn high interest on 13 different currencies.
Notably, the 212 Card will initially be available for UK residents, with plans
for expansion across Europe in the near future.
Last year, the UK emphasized the need for
a digital alternative to traditional card services. According to a report by
Reuters, despite regulatory efforts, the reliance on Mastercard and Visa has
spurred dissatisfaction among merchants due to high fees.
Rethinking Payment Dynamics
Amidst ongoing battles between merchants and card
schemes over transaction fees, the Payment Systems Regulator in Britain
is examining the fee structures, Reuters noted, citing a report
by the UK’s government.
The report emphasized the necessity for a viable digital
alternative to break the duopoly. It envisioned open banking and fintech companies
leveraging customers’ data to provide payment services as potential avenues for
creating a more cost-effective solution.
The concept of open banking has emerged as a promising
path toward diversifying the payment landscape, offering retailers a potential
alternative to the challenges of high card fees. By granting permission to third-party fintech firms to
utilize customers’ banking data, a platform for lower-cost payment alternatives
could be established, ultimately fostering a more competitive market environment.
Last year, Trading 212 Group, the entity overseeing the subsidiaries of Trading 212, expanded its board by appointing Sina
Mostafavi as a Non-Executive Director, Finance Magnates reported. Previously a board member of Trading 212’s Swedish
subsidiary, Mostafavi joined the Co-Founders and other top executives at the
London-based holding company.
Trading 212 is planning to launch card services in
the UK, according to a post by the company on LinkedIn. Dubbed the 212 Card,
this new offering promises an interest rate of 5% paid daily. According to the firm, cardholders
can receive a cashback offer of 0.5% up to £20 per month.
Additionally, Trading 212’s cards facilitate
international transactions with a foreign exchange fee of 0.15% and no fees charged on
weekends. This approach to currency exchange reportedly empowers users to seamlessly manage their global financial endeavors.
Trading 212’s new offering enables users to diversify
their currency portfolio and earn high interest on 13 different currencies.
Notably, the 212 Card will initially be available for UK residents, with plans
for expansion across Europe in the near future.
Last year, the UK emphasized the need for
a digital alternative to traditional card services. According to a report by
Reuters, despite regulatory efforts, the reliance on Mastercard and Visa has
spurred dissatisfaction among merchants due to high fees.
Rethinking Payment Dynamics
Amidst ongoing battles between merchants and card
schemes over transaction fees, the Payment Systems Regulator in Britain
is examining the fee structures, Reuters noted, citing a report
by the UK’s government.
The report emphasized the necessity for a viable digital
alternative to break the duopoly. It envisioned open banking and fintech companies
leveraging customers’ data to provide payment services as potential avenues for
creating a more cost-effective solution.
The concept of open banking has emerged as a promising
path toward diversifying the payment landscape, offering retailers a potential
alternative to the challenges of high card fees. By granting permission to third-party fintech firms to
utilize customers’ banking data, a platform for lower-cost payment alternatives
could be established, ultimately fostering a more competitive market environment.
Last year, Trading 212 Group, the entity overseeing the subsidiaries of Trading 212, expanded its board by appointing Sina
Mostafavi as a Non-Executive Director, Finance Magnates reported. Previously a board member of Trading 212’s Swedish
subsidiary, Mostafavi joined the Co-Founders and other top executives at the
London-based holding company.