US media company Urban One has today launched a digital bank account ONE VIP that rewards users for shopping at black-owned businesses.
As part of the solution, customers will receive a premium, matte black prepaid debit card, which they can use to make cash withdrawals and purchases.
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In addition, cardholders can manage their account online or with the ONE VIP mobile app.
Jon Round, Urban One’s SVP of Financial Services, said: “We are excited to take the lead and be the first African American owned company to provide this kind of financial solution for Black consumers.
“This digital financial solution and rewards programme allows us to provide access, flexibility, and empowerment to our consumers, and helps to circulate black dollars in the black community.”
ONE VIP rewards
According to Urban One, customers can earn points on most purchases. They can also earn additional points from select merchants as part of a Buy Black initiative that incentivises them to shop with 25 Black-owned brands.
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By GlobalDataThe brands involved are across a range of sectors including, subscription services, fashion, food, and beauty.
Points can be redeemed either for cashback or used as a donation to the Urban One Community Works Foundation (U1CW). U1CW has plans to use the donations to support selected charities supporting people of colour.
Additionally, for every cardholder who maintains a ONE VIP account for three consecutive months, Urban One will donate $10 per account.
Alfred C. Liggins III, CEO at Urban One, said: “For 40 years, Urban One has led the way, representing Black culture in the USA, seeking to inform, inspire and entertain Black America.
“Today, I’m proud that Urban One leads the way again with another first; ONE VIP, a current financial product intrinsically designed to address the very needs of our audience. This marks the first step by Urban One to financially include and empower, with financial products designed for the Black community.”
