- Trading 212 expands into payment services, launching multi-currency cards in partnership with Paynetics.
- The card offers cashback, interest on uninvested cash, and the ability to manage multiple currencies.
London-based Trading 212, a retail brokerage firm, is diversifying its business with the launch of multi-currency payment cards in the UK. Partnering with regulated e-money services provider Paynetics, the card offers 1.5% cashback until the end of September, reducing to 0.5% thereafter.
This move diversifies Trading 212’s revenue beyond forex and CFDs, aligning with the company’s focus on stockbroking and growing client assets. The payment card allows customers to make payments using uninvested cash in their brokerage accounts, a service already offered by competitors like eToro and Equiti.
The card provides several benefits, including managing multiple currencies, earning 5.2% interest on uninvested cash, and free withdrawals up to £400 per month. While currently available only in the UK, the cards will soon be offered in Europe.
Trading 212 is utilizing Paynetics’ infrastructure to enable this service, allowing them to further empower investors and scale their trading globally. This partnership signifies a step towards democratizing savings and investments, expanding the capabilities of Trading 212’s commission-free platform.
