Social and digital asset trading pioneer eToro has announced plans to launch a debit card for customers following leaked plans for such an endeavour. In a statement emailed to Finance Magnates, eToro PR and communications manager Katie Evans said that “regarding the debit card, we can confirm that this is something we are working on.”
The emails leaked last week also detail how eToro will allow users to spend eToro profits on recurring payments. Business Insider reported that the debit card will be eToro’s latest attempt to “[offer] users a more rounded set of services…eToro is moving to diversify its revenue — but it seems that, at least for now, it’s largely focusing on the trading industry.”
The ability to use profits or account funds straight away for purchases is a novel idea, yet it remains to be seen if customers will only be able to use any profits made in their trading accounts with the debit card or if all funds held with eToro will have the ability to be debited for purchases. Either way the service is more likely to differentiate the broker in a tight competitive space, where many competitors offer commission-free trading on certain financial instrument classes.