U.K.-based money transfer company Wise launched a new cashback feature for Wise Business customers on Wednesday (Nov. 16) that will give them with 1% cashback on their card transactions.
Wise Business is a multi-currency business account marketed at small- to medium-sized businesses that need to make or receive payments across more than one country.
In a press release announcing the new feature, Wise said that all U.K.-based business customers will automatically be enrolled in the new scheme, which will give them cashback anywhere in the world they use their card.
The offer will exclude ATM withdrawals, gambling transactions, payments to financial institutions, and payments for commodities, investments, savings or crypto assets. Cashback is paid at the start of each month.
Wise added that it plans to launch the feature in more countries in the near future.
“Small- and medium-sized businesses face a tough business environment, so we want to help where we can. Giving businesses cashback on their spending is just one way we can do this,” Clara Nobre, head of Wise Business, said in the release.
“We’ll continue to do all we can to give businesses the international banking services they deserve, from providing features like cashback to building a world where money can move without borders,” she added.
In another recently launched cashback incentive for businesses, the San Francisco-based FinTech Mercury announced in September that it is launching a corporate Mastercard that will offer 1.5% cashback to help startups scale their business.
The card offers users 30 interest-free days to repay the debt and gives cashback on all purchases — even international expenditure.
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