Monaco's homegrown financial technology scene sees a pivotal shift as the Carlo app, a staple in the principality's digital wallet space since 2019, revises its referral program, signaling a new chapter in its mission to bolster local commerce. The app, which has facilitated over a million purchases, stands as a testament to Monaco's burgeoning digital economy, melding technology with local business prosperity.
Antoine Bahri, co-founder of Carlo, outlined the changes, highlighting the program's success and the necessity for evolution. The previous system allowed Carlo users to earn a 2% cashback on referrals, a feature that will be replaced from 1 April 2024. In its place, referrers will receive a fixed five euros for the first transaction made by the new user they introduced, coupled with the promise of future ad-hoc benefits aimed at incentivizing user engagement.
The adjustment reflects a broader strategy to optimize costs while maintaining the app's core benefits. With Carlo boasting around 70,000 users and nearly 80% of Monaco's businesses participating, the app's impact on the local economy is undeniable. The government's support during the Covid crisis underscored the app's utility, covering the costs traditionally borne by shopkeepers and fueling an extended period of growth and development for Carlo.
Beyond its cashback and referral features, Carlo has introduced innovations like peer-to-peer payments and gift vouchers, continually enhancing the user experience. The app's success in Monaco has paved the way for expansion into Aix-en-Provence, with sights set on further growth. Cities like Bordeaux, Toulon, and Annecy could soon join the Carlo community, marking the next phase in the app's journey from a local startup to a key player in the regional FinTech ecosystem.
The transition from the traditional referral bonus to a new reward system marks a strategic pivot for Carlo, aiming to sustain its growth trajectory while adapting to the evolving needs of its user base and the broader financial landscape. This evolution reflects Carlo's commitment to fostering a vibrant local economy through innovative technology, underscoring the Principality of Monaco's status as a burgeoning hub for digital and financial innovation.