Trading 212 is gearing up to introduce card services in the UK, as revealed in a recent LinkedIn post by the company.

trading 212

Trading 212 forex broker announced plans to introduce the 212 Card in the UK, which presents several opportunities. These include interest rates paid daily at 5% APR and monthly cashback of up to £20.

The move aims to provide a digital alternative to traditional card services to enable UK residents to smooth international transactions and exchange fees charged on weekends.

212 Card offers a diverse currency portfolio to users, as well as 13% high interest for 13 different currencies. First, Trading 212 forex broker offers card services to UK residents, and the plan is to extend its card services to other regions of Europe very soon.

This statement aligns with the UK's move towards digital solutions, complementing the backdrop of merchants' dissatisfaction with Mastercard and Visa for the high fees charged. The Payment Systems Regulator reviews fee structures, identifying innovative solutions that would lead to the break up of the dominance and, as a result, make the payment system cheaper for the customers.

Open Banking appears to be a hopeful direction in which new payment methods can be introduced, offering customers low-priced alternative options. Using clients' banking data, fintech companies can offer competitive payment services, creating a more dynamic market scenario.

In other forex broker news, this FCA-regulated broker recruits Sina Mostafavi as a Non-Executive Director whose role is to augment the board with his relevant experience in the industry. Mostafavi's appointment signifies this no-commission broker's intent to focus on strategic growth and innovation in the fintech sector.

Just last year, Orbex launched the Orbex Prepaid Card for all customers, accessed through the myorbexarea dashboard and the Orbex Card app, available on the mobile store.