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Why MOGO Inc [MOGO] could test $2.5 or More Soon

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The markets may be down today but MOGO Inc [NASDAQ:MOGO] is doing quite well.  This comes after the company announced that MogoSpend was now supporting Apple Pay, Samsung Pay, and Google Pay. 

The financial services company said that all its cards including the Mogo Visa Platinum Prepaid Card would from now on support the aforementioned payment services.

The idea is to give Mogo users a wider variety of options of contactless payment services that can be accessed with a smartphone among other devices, while maintaining all the good that comes with Mogospend including security and fast transactions. In a press statement, the company also stated that, Mogospend would now be available through the company’s free App, and the IOS Apps. 

The development is a huge boost for MogoSpend which is a unique product that is designed to help users’ access financial services while also helping save the planet from the adverse effects of climate change. It does this through spending control and by automatically offsetting carbon. It works by helping the user get a zero debt and a lifestyle that is free of CO2. The idea is that every time one makes a purchase, they get an instant notification indicating how much they have spent in a month, so that they can monitor their spending progress. 

Commenting on the latest developments, the company’s CEO stated that the COVID-19 pandemic has hastened the process of adopting digital payments through mobile wallets. He cited a U.S study showing that since the pandemic started, the use of contactless payments had shot up by 69%, and that there was no sign of it slowing down. The CEO further stated that with the inclusion of Apple Pay, Samsung Pay, and Google Pay, the company had enhanced the value that it gives clients, allowing them to buy whatever they need without the need to make contact. 

Looking at its price action, the stock is in a breakout, and is close to a key resistance level at $2.50. If it breaks through this price level, the stock could test new levels in the coming week. Its momentum could be backed by a rise in the whole market now that the dust seems to be settling on the U.S election.

About Mogo Inc 

Mogo Inc is a Canadian financial services company. It works by helping consumers control their financial wellbeing. The company’s products allow for the buying and selling of cryptocurrencies. It is based in Vancouver, Canada. 

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