Mogo Finance Leading Canada’s Mobile Cashless Society3 min read
Mogo Finance Technology (TSX: MOGO) is the latest ‘Fintech’ company to break out on the TSX. While, focused on building the best digital banking experience in Canada, Mogo delivers innovative mobile products. The company has designed its various apps to help consumers get control of their financial health.
In a sign of the times, Mogo has rallied from a low of $1.10 per share in late-210 to a recent top of $4.75. As a result, Mogo has been a top performer on the TSX in 2017.
Mogo Finance Technology – 1 Year Chart
At Pinnacle we have written consistently on the move towards a cashless society. Governments around the world have been pushing this agenda increasingly hard.
Cashless Society Trend Intensifies in 2017
Below is an excerpt from Canada’s March to Cashless Society Quickens,
“…the rate as which we are moving to a cashless society, facilitated by government bodies and central banks, is alarming.
Economists in the U.S. and bankers in the EU went public in the idea of abolishing $100 bills and €500 notes in February of 2016. This would hasten the rise of digital payments and plastic transactions in those countries. It appears Canada doesn’t need the boost:
“Nowhere do people pay with plastic more than in Canada. An RBS report from 2011 found that paying by plastic — credit, debit and bank cards — amounts to 40 per cent of transactions, on average, across world economies. But the rate in Canada was 68 per cent, making the country the world leader in plastic payment.”
Click here to read the full article.
Mogo Takes Adavantage of Cashless Adoption
Is it any wonder a company such as Mogo is winning awards and growing its users in Canada?
On May 17th, Mogo Finance won the Canadian Mortgage Award for Best Use of Mobile Technology.
Its product, MogoMortgage, won the Canadian Mortgage Award for the best use of mobile technology relating to consumer mortgages.
“Launched in January for iOS and in March for Android, the app’s MogoMortgage dashboard offers an innovative digital experience for mortgage seekers on the go. With a digitally led process from pre-approval until renewal or when the mortgage is fully paid off, the app is also mindful of including a human touch: MogoMembers can chat online through the app or on the phone with experienced mortgage specialists anytime they have questions about their mortgages.”
Click here to read MogoMortgage wins The Canadian Mortgage Award For Best Use Of Mobile Technology.
Canada Not Only Country Going Cashless
India made the headlines late last year when its government outlawed certain paper money. In The race to make India a cashless economy, they review demonetization,
“Demonetization, arguably the most significant trigger of this race, was an involuntary exercise that the country underwent, where, overnight, the two largest currency denominations – The INR 500 and the INR 1,000 notes – were declared by the government as no longer being legal transacting tender.”
Mogo has built a mobile-first platform where users can sign up for a free MogoAccount in only three minutes and get access to free credit score monitoring, a free spending account, mortgages and personal loans. Consumers are demanding convenience and that often leads to hand-held mobile devices. Nothing is faster than what’s already in your hand.
Also, the company has more than 400,000 members and appears to be leading the shift to digital banking in Canada. Judging by its stock chart below, the market is anticipating future growth from this junior Fintech company.
Mogo Leads member ‘tjfeld’ higher in June Stock Challenge
Pinnacle member ‘tjfeld’ a loyal subscriber for over six years, selected Mogo Finance Technology for June’s Stock Challenge. As a result, he is leading all Challengers with a 24.19% combined average return. The TSX Venture is slumping and most mining stocks are a seasonal correction; therefore, alternative deals may win the day. There are still two full weeks remaining in June’s Stock Challenge.