" class="no-js "lang="en-US"> Royal Society of Medicine launches its own debit card to offer members additional perks and simplify donations - Fintech Finance
Saturday, April 20, 2024

Royal Society of Medicine launches its own debit card to offer members additional perks and simplify donations

Royal Society of Medicine, a global membership organisation of 20,000 healthcare professionals, has launched its own debit card enabling members to make charitable donations each time they spend at home or abroad. This new fundraising stream and member benefit is made possible by the charity’s partnership with Currensea, the open banking-powered, money-saving debit card linked to existing bank accounts.

The new Royal Society of Medicine card will be available to all its members and supporters who can now opt to donate to the Society when spending in the UK and overseas. Donations can be made by rounding up spending to the nearest 5p in the UK or from savings made on overseas transactions via this new branded card which allows card users to save at least 85% – and up to 100% – on every transaction abroad by removing the normal fees leveraged by banks and other card providers.

The card uses secure open banking technology to connect directly to someone’s bank account with their approval, allowing travellers to make overseas transactions directly from funds in their current account, whilst avoiding high bank fees, and UK users to use the round-up function.

Members and supporters can opt to donate all or part of the savings they make when spending abroad. For example, a user spending $1500 while visiting the USA can choose to contribute 50% of their savings – which would equate to more than £20 – while still saving money.

All of the donations made using the new Royal Society of Medicine card will support its mission to share learning and drive innovation across all areas of healthcare.

Alongside supporting the Royal Society of Medicine’s charity work, the new card is also an additional benefit to members. Other benefits include discounts on a range of activities and products such as National Trust membership, gym membership, cinema tickets and Apple products.

The average charitable donation per card is £30. Over the last quarter, one of the charities offering its own card through its partnership with Currensea raised four times as much via donations from Currensea users compared to donations via Amazon Smile. Another charity has seen almost £700 in additional donations in the first month since the partnership began.

Neville Carter, Director of Membership and Engagement at Royal Society of Medicine, said: “This is a simple way for members to save on overseas spending fees and support our charitable mission at the same time. We’re looking forward to RSM direct debit cards being used all over the world!”

James Lynn, Co-Founder of Currensea, comments: “Not only will this partnership help support the fantastic work of the Royal Society of Medicine, it’s also a unique benefit to members giving them more control over their money.

“Members can now support the Royal Society of Medicine when using the Currensea card at home and abroad. Rounding up transactions by 5p can make a huge difference given the Society’s membership base of 20,000 members. The new card also allows users to avoid the high foreign exchange fees they typically face when spending on their bank cards abroad.

“Importantly, as the card connects directly to existing current accounts, users can simply opt to donate savings to charity instantly and automatically. Partnering with Currensea’s powered by programme is an innovative option for charities looking to increase engagement with their existing supporters, boost donations and attract donors.”

Royal Society of Medicine is the latest charity to partner with Currensea’s unique ‘powered by’ programme, launched in 2021, which allows charities to issue branded cards to supporters and increase donations. Other partnerships include:

  • Royal Trinity Hospice – the oldest hospice in the UK
  • St Martin-in-the-Fields Trust – which works with many of London’s most vulnerable communities
  • Rafiki Thabo Foundation – a charity which boosts access to education across Africa

Currensea’s partnership with Global Processing Services (GPS), has allowed it to bring its open banking-enabled debit card to the charity sector.

Joanne Dewar, Vice Chair at Global Processing Services (GPS), said: “It has never been more important in today’s climate to accelerate payments to worthy causes, whether that be to relief efforts around the world or those suffering the effects of the current cost of living crisis. Consumers expect to be able to make donations in the most convenient, fast and simple way to their chosen charities. Fintech is the great enabler in making this possible.

“Currensea are truly leading the way through its pioneering range of socially conscious payments solutions, via its philanthropic ‘powered by’ initiative, that GPS is proud to support. We look forward to helping them push the envelope further in bringing new products to market that have financial empowerment at the heart of the operation that directly benefits individuals, charities, and wider society.”

Royal Society of Medicine delivers specialist medical education in over 50 areas of medicine aiming to be the leading provider of continuing learning to healthcare professionals. Established in 1805 as the Medical and Chirurgical Society, it became the Royal Society of Medicine in 1907 and now also supports innovators developing the medical products and services of tomorrow.

More information about the partnership can be found here: https://www.currensea.com/partner/royal-society-of-medicine

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