Money 20/20 Logo

World Tour


Content Home
Home > fintechs-fightback > Cashing back for local business- FinTech's Fightback | Money20/20

Cashing back for local business

Cashing back for local business

In a time where most brick and mortar business owners are seeing a cataclysmic decline in sales and customer foot traffic, Wallit rose to the challenge to revitalise communities in the US by rewarding shopping at local businesses.

Headquartered in Maine, USA, Wallit recently launched its first pilot program in Portland with the “Prop-up Portland” Project. Wallit’s solution provides cash-back on debit cards used at local merchants to incentivize shopping, a powerful opportunity for community banks and local merchants to help nearby businesses recover and sustain themselves. Wallit is offering all banks and credit unions a free license to the Wallit platform through Labor Day. The pilot program will temporarily waive commission fees for retail businesses that sign-on with Wallit. In some cities, Wallit is going one step forward and paying the cash-back for purchases at local businesses over the next 1-2 months.

The company has a number of similar community enterprises marketplaces planned in other cities across the country in partnership with community banks and credit unions.