Mogo News: Why MOGO Stock Is Soaring 30% Today

Mogo (NASDAQ:MOGO) is in the news Friday after announcing support for MogoSpend on several digital payment services.

Image of a person checking out using Apple Pay.
Source: Kaspars Grinvalds / Shutterstock.com

MogoSpend is the company’s digital spending account. It comes with the Platinum Prepaid Card offered by the company and Visa (NYSE:V). The goal of the service is to help users reduce spending alongside their carbon footprint.

The Mogo news release notes that MogoSpend now supports Apple (NASDAQ:AAPL) Pay, Alphabet’s (NASDAQ:GOOGL,GOOG) Google Pay and Samsung Pay. This additional support greatly expands how users of MogoSpend can make use of the service.

According to the Mogo news release, users can make use of MogoSpend by downloading the company’s free app on iOS or Android. They can also register their Mogo Vida Platinum Prepaid Card with Apple Pay, Google Pay or Samsung Pay to start using it with those services.

David Feller, president & CEO of Mogo, said this about the news.

“MogoSpend is already a unique product in the Canadian market, and the addition of Apple Pay, Google Pay and Samsung Pay further enhances the value for our users, giving them more ways to make contactless purchases using MogoSpend while they continue to focus on reducing their consumption, spending more sustainably, and offsetting their carbon footprint.”

Other recent Mogo news includes a change to its Q3 earnings report. The company now plans to release results before the market opens on Tuesday and will hold a conference call at 11:00 a.m. Eastern Time. It was previously planning to release results and hold its call after markets closed that day.

MOGO stock was up 30.2% as of Friday morning.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.


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