US-based technology firm Expensify has introduced a corporate card initiative, which will make a donation automatically each time the card is swiped.
Dubbed Karma Points, the new initiative replaces traditional reward points with donation.
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Under the programme, 10% of Expensify Card revenue will be automatically donated each time a card is used.
The money raised will be donated via Expensify.org. The key goal will be to fight the challenges of climate change, hunger, and homelessness.
The donations will be routed to any of the five funds relevant to a purchase. For instance, an employee out for lunch can make a donation to feed a hungry child.
Cardholders will be instantly alerted on their phone about the donation and the purpose it served.
Expensify founder and CEO David Barrett said: “The reality is, rewards worth hundreds of billions of dollars go unredeemed every year, and most people with rewards cards spend more in fees and interest than the rewards they earn.
“Revenue from these rewards programmes is literally measured in pennies on the dollar — or fractions of pennies. But what if we combined all those billions of fractions of pennies and put them into the hands of those who need them a whole lot more than we do? That’s the idea behind Karma Points.”
Last October, Expensify launched a new corporate card that is linked with an integrated expense management platform to help companies manage their finances effectively.
