Klevo Rewards Limited’s subsidiary Fly Wallet has secured key Mastercard compliance and earned over AUD 550,000 in incentives, marking a significant step in its payments platform evolution.
- Fly Wallet operational with Mastercard prepaid and digital wallet programs
- Achieved AML compliance and obtained credit licence
- Qualified for AUD 467,526 cash incentive and AUD 82,505 in service credits
- Milestones enhance Klevo’s regulated payments capabilities
- Supports Klevo’s integrated rewards and payment solutions strategy
Fly Wallet’s Mastercard Integration
Klevo Rewards Limited has announced a pivotal update on its wholly owned subsidiary Fly Wallet Pty Ltd, following a recent quarterly business review with Mastercard. Since acquiring Fly Wallet, Klevo has transformed it into a fully operational and regulated rewards card and digital wallet platform, leveraging Mastercard’s extensive global payments network. This development enables Fly Wallet to issue and manage Mastercard prepaid and digital wallet products across corporate, consumer, and partner channels.
Compliance and Licensing Achievements
Fly Wallet has successfully met critical compliance requirements under Mastercard’s rules, including enhancements in anti-money laundering (AML) and enhanced due diligence processes. Additionally, the subsidiary has secured its credit licence, positioning it as a compliant issuer and wallet operator within the regulated payments landscape. These regulatory milestones are crucial for Klevo’s ambition to own and operate a payments infrastructure that supports its broader rewards and loyalty ecosystem.
Financial Incentives and Strategic Impact
Under its commercial agreement with Mastercard, Fly Wallet is eligible for fee discounts tied to performance thresholds. As of early February 2026, Fly Wallet met the minimum performance criteria, earning a cash incentive of AUD 467,526 alongside AUD 82,505 in service credits. These incentives not only improve the economics of processing transactions but also validate Klevo’s strategy to integrate rewards, engagement, and payment solutions into a scalable platform.
Looking Ahead
This achievement signals Klevo’s successful transition of Fly Wallet into a competitive player in the payments and loyalty technology sector. By owning a regulated payments capability, Klevo is better positioned to innovate and expand its offerings in a market increasingly driven by seamless digital payment experiences linked to loyalty rewards. Investors will be watching closely to see how these operational gains translate into broader commercial growth and market share.
Bottom Line?
Klevo’s Fly Wallet milestones mark a turning point, but the next challenge is scaling growth sustainably.
Questions in the middle?
- How will Klevo leverage Fly Wallet’s regulated payments status to expand market share?
- What are the projected financial impacts beyond the initial Mastercard incentives?
- How does Klevo plan to differentiate its rewards platform amid growing competition?