Material Wrld’s Prepaid Debit Card Makes Returns Seamless

“Used” and “secondhand” are usually dirty words in the world of high fashion, but one luxury apparel startup thinks the average consumer has a goldmine of unused haute couture in their closets.

In a post to its site, luxury consignment startup Material Wrld announced that it was launching a “Fashion Trade-In Card,” a rechargeable and prepaid debit card that will store all of a user’s financial activity on the site. Rie Yano and Jie Zheng, cofounders of Material Wrld, told Examiner that the Fashion Trade-In Card will allow shoppers to refresh their wardrobes as often as they prefer.

“Women’s tastes change quickly along with lifestyle and career transitions,” the cofounders said. “As our needs evolved, we have often grappled with the tension between a desire to refresh our wardrobes and the guilt of our overstuffed closets. We set out to create a seamless experience that takes consumers through a cycle of trading in items they no longer wear or use, so they can focus on discovering their next favorite purchase. Now, through the launch of the Material Wrld prepaid card in connection with our fashion trade-in card networks, we’re able to bridge the gap between new and old, and our customers can be back in the stores faster.”

Examiner explained that Material Wrld’s card will be issued by Discover and will work in any location that normal Discover cards are accepted. Moreover, the card does not need to be connected to customers’ bank accounts and has no fees and no effect on individuals’ credit scores, two major influences on the frictionless consumer experience that Material Wrld is trying to create for its users.

Will traditional retailers respond to the various moves fashion startups are making to siphon off their market share? It’s not looking likely.

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Our data and analytics team has developed a number of creative methodologies and frameworks that measure and benchmark the innovation that’s reshaping the payments and commerce ecosystem. Check out the February 2019 PYMNTS Financial Invisibles Report


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