Monzo collaborates with Big Issue to create resellable magazine
The Big Issue, a publication that aims to help the homeless earn an income, has partnered with Digital Bank Monzo to trial a new system that allows the magazine to be resold.
After reading, the readers can pass the magazine, which has a scannable QR code, to a friend who can scan the code to pay for it again.
The system has been created by the FCB Inferno agency and the scheme, called Pay It Forward, aims to help magazine sellers earn more money, especially as they operate in an increasingly cashless society.
Lara McCullagh, Director of Marketing and Communications at The Big Issue, said: “The people who buy The Big Issue aren’t just readers, they’re often vocal champions of our mission.
“This fantastic new scheme gives them a way to further support their local vendor by selling the magazine on to friends and family, and offers those same vendors the opportunity to grow their income and their customer base.”
Around 1,500 vendors sell The Big Issue, which aims to help the homeless or vulnerably housed people across the UK.
The publication was designed to give the homeless a “hand up not a handout”, by allowing them to buy copies for £1.25 and sell them on the street for £2.50, keeping the profit.
As part of the trial launch, 20 sellers across the UK were supported by Monzo to open an account, into which their Pay It Forward earnings go.