Commonwealth, then known as D2D Fund, was honored to receive the Gold Medal for Best Prepaid Innovation at the 2016 PYMNTS Innovator Awards on March 17th for SavingsQuest, a gamified website and mobile app that encourages saving. Described by one user as a "high-five for saving," SavingsQuest rewards consumers for even small savings accomplishments - because every dollar makes a difference.
In the first three months after launch, SavingsQuest users accumulated over $300,000 in savings and saved 25% more often than other cardholders. Users of the site can earn badges, complete challenges, and level up by saving money into their savings account.
“Commonwealth is thrilled to be recognized as one of the best in the payments industry,” said Commonwealth Executive Director Timothy Flacke. “We believe that SavingsQuest has the potential to change consumer behavior by redefining the experience of saving and will help them improve their financial lives. The acknowledgement from this industry will continue to motivate us as we explore future applications and expansions of this project.”
"I’m so pleased to congratulate all the award winners," Karen Webster CEO of PYMNTS.com says. “We had a record breaking amount of votes this year and thanks to our impressive caliber of judges, I think we were able to truly recognize the best of the best in the payments industry."
PYMNTS.com is an information-sharing platform for executives and decision makers in the global payments and commerce industry. The annual PYMNTS Innovation Project is a two-day thought leadership event culminating in an awards ceremony that recognizes the best and brightest innovations shaping the future of payments. PYMNTS Innovator Awards are viewed as the most prestigious recognition in the payments industry and boast a rigorous submission, selection, and voting process. In addition to facing nine judges at the top of the payments industry, award candidates also received thousands of votes from their payments peers.
Gold, Silver and Bronze awards were distributed across 16 categories including Most Innovative, Most Disruptive and Best Technology. Commonwealth’s fellow 2016 winners included leading companies PayPal, Uber, Square, Mastercard, and Walmart Pay.
To learn more about SavingsQuest, read the full report on Commonwealth's pilot findings here.