STACK partners with Payment Source to power financial inclusion for cash-based millennials in Canada
STACK, Canada's fastest growing challenger bank, on a mission to change the relationship millennials have with their money, is partnering with Payment Source today as they continue to create ways to enable the millennial spend and increase the power of their dollar. "The STACK solution is a great alternative to traditional banking, providing a unique set of rewards and tools to help manage money." says Robert Hyde, President of Payment Source. "The STACK team instantly understood the power of adding a real time in-person cash and debit load capability to their program. We look forward to working with them to provide great value to Canadian consumers." STACK knows that for today's working class in the service industry and gig economy, cash is the only currency that carries. Delivering a solution to answer the need to use cash digitally, STACK members can now instantly load cash into their prepaid Mastercard at all of the over 6,000 Canada Post locations as well as Hasty Market and other convenient locations around the country.
For those who work in the gig economy and in service industries, there remains a need for full-range freedom with their cash in an increasingly digital world. "From the beginning, we recognized a need to provide options to our community: millions of millennials underserved by big banks, who don't need or want a credit card, but are looking to extend the utility of their cash online,'' said Miro Pavletic, CEO at STACK. Millennials are increasingly opting for cash and debit options as opposed to traditional credit cards to maintain control over their finances but are limited when it comes to transactions that require the use of a credit card. In fact, many national branches are no longer handling cash at their counters, opting for advice instead, leaving those customers who need cash to resort to costly ATMs. With STACK's new instant cash load feature, the STACK prepaid Mastercard can be easily loaded with the use of a barcode within the app.
As millennials continue to disrupt grandfathered industries to work harder for them, the interest in prepaid continues to grow, giving their cash the flexibility of a credit card without the anxieties around borrowing money, bank fees, and interest charges. "A large part of our member base gets paid in cash and have a lot of buying power. We're answering the need for those users giving them the flexibility to use cash for their e-commerce purchases and subscription platforms. Opening up a cash load network allows consumers to load their cash funds onto our card and use those funds for all of their online purchases, seamlessly" said Miro Pavletic.
With their highly engaged customer base calling the shots, STACK's product development takes a crowdsourcing approach and continues to develop based on the needs of its customers in real time. The STACK app allows for financial inclusion without the use of a traditional bank account that is typically loaded with hidden fees. Join STACK, the changemakers leading the charge in the Canadian digital wallet by downloading the STACK app from the App Store or Google Play and go to getstack.ca for more on how to spend, save and share with zero fees right from your smartphone.
STACK is on a mission to reinvent financial services and put Canadians in control of their money. Using intuitive technology and customizable tools, STACK delivers a smarter way to spend, save and share your money fee-free and straight from your mobile device. Features like mobile tap-to-pay, automated savings, real-time notifications and instant rewards empower people to make the most of their money so it's there for what really matters.
About Payment Source
Recognized as one of Canada's Best Managed Companies for two years in a row, Payment Source empowers inclusion by providing alternative payment solutions to organizations of all sizes to better serve their customers. Learn more about Payment Source at www.paymentsource.ca.
Director, Marketing & Communications