For the first time, customers can earn up to 7% Stockback on their everyday expenditures through a single card offering.
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GLODouugh Ltd (ASX: DOU), the acclaimed consumer fintech company dedicated to empowering everyday Australians to take control of their finances and build long-term wealth effortlessly, has revealed the introduction of the world’s first Pay Now or Pay Later Stockback™ rewards Mastercard.
By launching this groundbreaking spending and rewards card, which aims to assist customers in managing their cash flow while simultaneously growing their wealth through spending, Douugh is presenting a truly distinctive value proposition that challenges traditional financial service providers specializing in debit cards, credit cards, investing, and rewards.
For the first time, customers can earn up to 7% Stockback on their everyday expenditures through a single card offering.
Furthermore, online merchants will have the ability to offer Douugh’s unique Stockback™ reward program to their customers, incorporating the flexibility of Pay Now or Pay Later features seamlessly into the checkout experience. Douugh will handle the entire settlement process with the merchant and the customer. Merchants will directly fund the Stockback™ rewards, while Douugh will charge a processing fee of approximately 2.0% to the merchant. The Douugh Pay gateway product is scheduled to launch in the second quarter of the financial year 2024.
Andy Taylor, the Founder & CEO of Douugh, commented on the company’s announcement, stating that a significant portion of Australians are currently experiencing financial stress due to the sharp rise in interest rates aimed at combating inflation. The dream of homeownership is becoming increasingly unattainable for Generation Z and many millennials. Additionally, there is an increasing reliance on revolving credit cards to manage cash flow, which raises the risk of trapping individuals in a cycle of debt due to compounding interest on outstanding balances.
Douugh’s recent Wealth Health Report revealed that 9 out of 10 Australians are concerned about their financial situation, with over a quarter lacking confidence in achieving their savings goals. While 86% acknowledge the importance of building long-term wealth, the main obstacles identified are the rising cost of living (67%), followed by a lack of savings, unexpected expenses, and living paycheck to paycheck (each at 37%).
Consumers require a smarter approach to spending and growing their money. Therefore, Douugh is thrilled to announce the launch of the revolutionary PNPL Stockback™ product, the first of its kind globally, designed to help customers grow their wealth while they spend. This offering aligns with Douugh’s mission of enabling customers to build long-term wealth effortlessly.
Douugh is now positioned to offer a truly unique mass-market value proposition that will disrupt and challenge specialized providers of financial services. This is supported by a scalable distribution model through partnerships with merchants.
The new Douugh App can be downloaded via Apple’s Testflight and the Google Play store in beta testing mode, initially accessible only by invitation. It will be made available to all Australians in the coming weeks once the necessary regulatory and issuer approvals have been obtained.
People are encouraged to sign up to the Douugh waitlist today in order to get early access.
The Douugh transaction account is provided by Cuscal Ltd, issued by Zai Australia Pty Ltd. The Douugh Card and Loans are issued by 1derful Pty Ltd, pursuant to a licence agreement with Mastercard. US brokerage and custodian services to facilitate investment activities are issued by DriveWealth LLC.
