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Acorns Takes 10K Pre-Orders For New Payment Card

Acorns, the mobile investing platform that takes spare change and invests it on behalf of its customers, has generated 10,000 pre-orders for its new rewards debit card.

According to TechCrunch, the card offers perks like investments into Acorns accounts when users make purchases with the card at select retailers.

Only 100,000 cards will be available at first. Cards will be mailed by November 1, 2018.

Acorns' micro-investment and retirement account services are also built into the card. Consumers will get real-time round-ups on all purchases, which will be automatically deposited into their Acorns accounts. In addition, users can receive up to 10 percent of every purchase at local merchants to be deposited into an Acorns account.

The card also offers digital direct deposit, mobile check deposit and check sending, free bank-to-bank transfers and unlimited free or fee-reimbursed withdrawals from ATMs around the country.

Aside from the perks offered, Acorns chief executive Noah Kerner said particular care was paid to the card's design.

“The design is important to us, because this card is a badge of honor,” said Kerner. “By choosing it, people are choosing to save, invest and earn while they spend. They’re handling their business and they deserve a card that reflects that — a card made of tungsten metal, the heaviest non-radioactive element, and designed together with the visionary behind Apple’s design group.”

Last month, Kerner revealed that Acorns has reached more than 3.5 million customers, with most investing around $50 or $60 per month. The average age of the Acorns customer is 32 and has a median income in the $50,000 to $60,000 range.

While its client base isn’t investing huge amounts, the app is a way to get people to save and invest more. “If someone put $10 into an Acorns account and that was all they ever did, it’s not a great deal,” Kerner said. “But that’s not what we’re trying to do. We’re trying to get people to save and invest.”

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NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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