Plum has debuted its innovative degradable debit card, marking a significant expansion into spending products and reinforcing its identity as a comprehensive financial app.
The card enhances Plum’s budgeting capabilities, enabling customers to monitor their spending more effectively. Initially, only “Plum Ultra” users will have access to this card at no extra cost.
With this new offering, Plum users can spend directly from their accounts without needing to transfer funds first. They can load money via a connected bank account or from their Plum app balance and establish a spending allowance.
Produced by Allpay and powered by Railsr, the card is designed to be eco-friendly. It consists of 57% sea salt and 43% crude oil, combined with an additive that accelerates its degradation, making it fully recyclable and compostable under appropriate conditions.
Additionally, Plum users will benefit from no foreign transaction fees while spending abroad, allowing them to utilize Visa’s daily exchange rate without incurring additional charges.
Victor Trokoudes, CEO and co-founder of Plum, stated, “Our goal is for Plum to be the ultimate personal finance app. The launch of the Plum Card is a significant advancement towards that aim. We strive to simplify money management for our users throughout their financial journey, providing them greater visibility and control over their expenditures.”
Lia Papageorgiou, product manager at Plum, remarked, “The card has been one of the most requested features by our community, and we are thrilled to finally deliver it to our users.”
This introduction of the debit card is part of a broader strategy to enhance Plum’s offerings in 2022, following the successful launch of its commission-free stock investment platform earlier this year.