eToro Brings Out its Debit Card to UK Market
Nearly two years after it acquired e-money platform Marq Millions, eToro has launched its first debit card in the UK. The Manchester-based company, which rebranded as eToro Money, will serve
Nearly two years after it acquired e-money platform Marq Millions, eToro has launched its first debit card in the UK. The Manchester-based company, which rebranded as eToro Money, will serve as the issuer for eToro’s card.
The Israel-headquartered platform, which boasts nearly 25 million users in over 100 countries, has outlined how the debit card will have instant withdrawals and deposits. It also connects to a user’s eToro account allowing him to manage crypto and funds all in one place.
To celebrate the launch of eToro Money, the company is offering 3% cashback on all purchases made using the card during December. The social investing network also promised to unveil a raft of new initiatives to boost engagement as the local market becomes ripe for disruption.
Doron Rosenblum, Vice President of Business Solutions at eToro, commented: “I’m proud and excited that eToro Money is now available to all of our UK users. We know from our beta testing that eToro Money greatly improves our user experience providing instant cash-in and cash-out. We look forward to adding more features to the eToro offering and to expanding the user base beyond the UK.”
In addition to its funding functions related to eToro operations, the card can be also used as any other Visa debit card. You can use it to pay and shop at home, online, and abroad, with favorable exchange rates, the broker says.
Cards issued by brokers are becoming the norm that is quite popular since they allow users to cash out their assets and spend them at thousands of credit card-accepting merchants worldwide. Those related to cryptocurrencies also resolve one of the greatest drawbacks of digital assets, which is the inability to use them in everyday life with the same ease as traditional currencies.
The debit card launch fits in with eToro’s broader strategy to expand its product suite, offer a more rounded set of services and deepen its presence in the UK.
eToro initially revealed its ambitions to extend its offering into the areas of banking and payments shortly after Robinhood announced plans of venturing outside the United States. The company aimed to set it apart from rivals and also boost the customer experience.
Robinhood, however, temporarily abandoned its plan to launch in the UK, citing a desire to instead focus on strengthening its US infrastructure and to bond with clients after many trading outages.
Reporting by Abdelaziz Fathi. Filed 10 December 2021, 01:05 GMT.
Senior Reporter, Brokers and Prop Firms
Abdelaziz Fathi covers the intersection of forex/CFD brokerage, regulation, liquidity, fintech, and digital assets.
