As part of its effort to teach young adults about economic, social and environmental issues, Flowe is partnering with payments provider SIA Group to expand digital payments and other financial services through its app.
Flowe, an emerging Italian e-money institution operating through Mediolanum Group, will offer Flowe app users digital services for money transfers, payments, current accounts, loans and savings management.
The Flowe app will feature the recently launched Flowe virtual debit card, and users can also request a wooden card for use in physical retail locations. SIA created the card with Exceet, using environmentally sustainable materials for the Mastercard payment card available in chip or contactless modes.
"We are proud to have supported the launch of Mediolanum's strategic initiative Flowe, which shows how Italy is progressively accelerating towards becoming a cashless society and possesses all the skills and digital infrastructures to be able to assert itself on the European market," Nicola Cordone, SIA's chief executive, said in a press release Thursday.
As part of the partnership, in addition to supporting Flowe in its activities for compliance with regulations required to operate as an electronic currency institution, SIA has also provided access via smartphone to bank transfers, postal payment slips and other applications such as telephone top-ups.
"Flowe is a payment app that looks to the future and focuses on the younger generations, those who have lived digitally from birth and are resistant to the idea of using traditional credit institutions," Ivan Mazzoleni, Flowe's cultural energy orchestrator and CEO, said in the release.
"The Flowe card responds to these new needs — the experience of use and speed of transfer," said Mazzoleni, who added that for every wooden card purchased, Mediolanum intends to plant a tree.
