There were around 40 million people who used Venmo for payments, in the first quarter of 2019. In particular, 40 million users use an external application and not their usual bank accounts to transfer funds.
Traditional banks appear to have become a secondary option for consumers when making digital payments as they increasingly use fintech apps.
As mentioned in a note shared with Crowdfund Insider:
“To recover their customers’ business, banks and financial institutions can now partner with Vouchr, a digital money engagement platform, where payments become more than just a transaction, but rather an “out-of-box” experience.
Suresh Bhat, Co-founder and COO at Good, notes that Vouchr’s solutions aim to help banks retain their customers, so they can make digital money transfers through their regular banking service providers instead of relying on external applications.
The company declares:
“Vouchr is the world’s first engagement platform that [aims to help] financial institutions [with] transform their existing transactions into a pleasant, personalized and fun experience.
The Fintech company claims that Mastercard and Wells Fargo have chosen Vouchr for their respective startup accelerator programs. Vouchr has developed an API that can be overlaid with traditional payment channels. The API allows business partners to monetize their remittances to consumers and businesses while providing great mobile consumption experiences.
Some of the main features of Vouchr’s solution include:
- Media Personalization: Personalize with “any type of media imaginable” including videos, sounds, images, notes, games and animations.
- Gift Card Mall: A catalog of top brands that can be added to company apps or used as a special rewards service.
- Games: Captivating games in which the recipient must beat the sender’s score to open the gift. Other fun challenges and games are also included to make the digital payment experience richer and more engaging.
Vouchr and Payveris, the developers of The MoveMoney Platform ™, have partnered with Liberty Bank, Connecticut’s oldest bank.
Barry J. Abramowitz, Liberty Bank’s executive vice president and chief information officer said that “due to our relationship with Vouchr and Payveris, our customers can now express their most sincere feelings when they send digital money to a friend or to a member of the family.”