The Prince’s Government, the company Carlo and the traders who have partnered with the app met at MonacoTech recently.
The aim of this round table was to present the new functions that will soon be available on the app and to discuss the new approach to sharing the platform’s costs.
Since December 2020, as part of the economic recovery and in a bid to offer active support for local consumption, the Prince’s Government, in partnership with the National Council, decided to make use of the Carlo app and to cover all of the platform’s costs (10.6% per transaction). These are usually charged to the shops and restaurants listed on the app.
The initiative was a huge success, and the app now boasts 550 partner traders and 45,000 users, around 60% of whom are residents of neighbouring communes and/or commuters.
Carlo offers both cashback for consumers and an innovative payment solution, enabling partner traders to win and retain new customers. Daily use of the app has generated more than 4.8 million euro in cashback, 95% of which has already been reinjected into the local economy.
Given these fantastic results and as it continues to be determined to support traders, the Government has decided to extend a large part of its funding, covering 9.6% of the platform costs until 31 March 2024. In parallel, to ensure that all costs will be covered, the remaining 1%, which corresponds to banking charges, will now be funded by partner traders.
The Government is delighted with this partnership with traders, and with the success of the initiative, which is contributing to the dynamism of the Principality’s economy and promoting local trade.
Source: Government Portal