With "MyCard", CaixaBank offers a fractional payment option to professionals

CaixaBank has announced the launch of a new version of its hybrid card "MyCard". First launched in the retail market, the "MyCard", which combines debit and credit card models with split and deferred payment features, now features options specifically designed to meet the needs of the self-employed.

FACTS

• The new "MyCard" Negocios is launched by CaixaBank in collaboration with its payment subsidiary Caixabank Payments & Consumer.

• The target group: Spanish self-employed workers and entrepreneurs.

• The "MyCard" Negocios combines the user experience of debit cards with fractional payment and instalment financing services.

• While purchases made with the card are displayed in real time on the debit account (via the CaixaBankNow mobile application or the bank's website), the amounts involved can actually be debited the day, week or month after the purchase.

• MyCard Negocios also allows you to pay for your purchases in several instalments over a period of between 2 and 24 months.

• "MyCard Negocios also allows its professional cardholders to benefit from affinity advantages:

• a discount on the Via-T electronic toll service,

• 2% discount on fuel at service stations in Spain and Andorra (Repsol, Campsa and Petronor),

• free accident insurance, covering up to 300,000 euros of damage in the event of an accident during a business trip.

• The card is exempt from fees if the cardholder makes more than 2,000 euros in purchases with it each year, or if he or she uses its fractional payment feature. A fee of €33 per year applies otherwise.

• CaixaBank offers the possibility of subscribing to this offer in the branches of the CaixaBank network. An online subscription method will be available later. Customers can also store their card in digital format to pay with their mobile (via Apple Pay, Samsung Pay, FitBit Pay and Garmin Pay).

CHALLENGES

• Opening up to a new market: CaixaBank presented "MyCard" in May 2021. At the time of this first launch, the hybrid card was intended for the retail market. The Spanish bank is now extending its offer to the professional market to meet the specific needs of entrepreneurs.

• The version of "MyCard" for individuals has largely won over the Spanish bank's customers. CaixaBank claims to have issued some 6 million cards since the launch of this hybrid card.

• Strengthening its leadership position: CaixaBank also intends to consolidate its leadership position in the professional market. The bank has a 44.98% share of the professional market in Spain.

MARKET PERSPECTIVE

• The launch of this new card is part of a fundamental trend towards the democratisation of fractional payment services in the professional market. If the alternative players had already started this battle, with CaixaBank's "MyCard", the traditional players are now taking their turn in this direction.

• CaixaBank was voted best bank in Spain and Western Europe 2022 by Global Finance for the eighth consecutive year just a few days ago. The deployment of a trendy offer, expected in the professional market, further justifies its status as an innovative player.