Monkee, Qenta, and Visa partner to launch Smart Money Card

This collaboration means that with every purchase, customers will receive cashback for their own savings goals at over 400 partners in Austria and Germany. Monkee, the personal finance "Save Now Buy Later" company, is now offering a payment card with which users can collect financial contributions for their savings goals in both stationary and online retail in the form of hard cash. To do this, they have enlisted the support of Visa and banking as a service provider Qenta. The Smart Money Card is a Visa debit card that can be used to pay at more than 80 million merchants in over 200 countries and regions worldwide, whether online or contactless at the checkout.

According to a Monkee representative, the company is taking the next step in scaling our business model together with Visa and Qenta. In addition to stationary and online trade, Monkee would also like to give local companies the opportunity to be part of our cashback system. According to a Visa representative, their collaboration with Monkee and Qenta is a good example of how Visa can be used to drive customer-centric digitisation.

Cashback offers

With its app and gamification, Monkee aims to allow users to save money for the things that are important to them. With the FutureBoost feature, the company has been offering its users the opportunity to receive money back for their savings goals when making online purchases from partner companies. With the new Visa debit card, also known as the smart money card, there is now the possibility for users to get part of the purchase amount back into their account. In online retail, Monkee now has over 400 partners in the German and Austrian markets, including companies such as REWE, Lidl, Booking.com, Babymarkt, Fressnapf, and Thalia.

Overview of expenses

When the Smart Money Card is activated, a new "household account" is automatically activated, which helps users to keep track of and control their household budget and to separate everyday expenses from regular fixed costs on their salary account. In the future, the household budget will be able to be divided into further expenditure categories such as food or transport. For each payment, users can determine from which savings goal the amount should come, meaning the source of payment can be flexibly adjusted at any time.