The system was launched in 2015 and is positioned as a universal payment tool that adapts to the needs of the client, regardless of his location. The brand was created by a British businessman of Russian origin Nikolay Storonsky. The company’s headquarters is located in London. The main product is Visa or Mastercard plastic cards. They allow you to make purchases offline and on the Internet, pay for services, withdraw cash. The main feature is that the holder can easily convert 29 currencies at the current exchange rate. In 2019, the number of system users exceeded 7 million people. At the start of 2020, the company was valued at £4.2bn, making it the most valuable fintech start-up in the UK. Affordable prices, ease of use and compliance with strict security standards were key factors in its popularity. Transactions up to 5000 pounds per month are not subject to commission. This also applies to transactions between users and currency conversion. The commission over the limit is 0.5%. The card is issued for a period of 5 years.
The system provides three types of cards:
- Free service, withdrawal limit up to £200 per month.
- Service £6.99 per month, limit up to £400.
- Service £12.99 per month, limit up to £600.
In paid tariffs, users can perform transactions with cryptocurrencies. Customers who choose a Metal account receive 0.1% cashback in the EU and 1% outside of it. Refunds are made for purchases, but do not apply to transfers and cash withdrawals.