Canada’s Stack teams up with Payment Source
Stack, which claims to be “Canada’s fastest growing challenger bank”, is partnering with the alternative payments provider, Payment Source, in a bid to target the millennial population to spend and increase the power of their dollar.
Stack uses intuitive technology and customisable tools to deliver a smarter way to spend, save and share money fee-free, straight from the user’s mobile device. Features include: mobile tap-to-pay, automated savings, real-time notifications and instant rewards.
“The Stack team instantly understood the power of adding a real time in-person cash and debit load capability to its programme,” says Robert Hyde, president of Payment Source.
Stack believes 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.
“A large part of our member base gets paid in cash and have a lot of buying power,” says Miro Pavletic, CEO and co-founder of Stack. “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.”
Stack members can now instantly load cash into their prepaid Mastercard at 10,000+ locations nationwide, including at all of the 6,000 plus Canada Post locations, Mobil and Hasty Market.
Who’s who in the challenger banking space in Canada and what tech are they using? Read our free comprehensive guide to find out.