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Fintech Fridays: TFT’s Weekly Fix of Product News & Deals 24/02

Welcome to Fintech Fridays! The Fintech Times new weekly roundup serves up something for the weekend – a shopping list of the latest deals, product launches and service updates.

Revolut offers shoppers cashback

cashback revolutSuperapp Revolut has introduced a new service, ‘Shops’, which lets users search and browse products from brands within the Revolut app.

Revolut Shops rewards users with up to three per cent instant cashback for every purchase made at eligible merchants, as long as they start their shopping journey from the Revolut app and pay with their Revolut card in full.

Cashback is automatically applied at checkout, so customers get it instantly. Brands include John Lewis, MyProtein, Boots, Co-op, Amazon, ASOS, Nike and Charlotte Tilbury as well as other luxury fashion retailers.

To start shopping, existing customers can go to ‘Hub’ and click on ‘Shops’ in the Revolut app.

Snoop unveils free ‘two tap’ budgeting service

Money-saving fintech Snoop has created a budgeting service for consumers.

According to the Financial Conduct Authority’s Financial Lives 2022 survey, almost 13 million UK adults now have low financial resilience.

Snoop gives consumers a complete view of their finances and provides personalised insights to help them make the most of their money. The budgeting service creates a personalised budget for each customer based on their transaction data. It aims to help them make better financial decisions and build financial resilience.

Archna Luthra, marketing director at Snoop, said: “Snoop’s two tap budget feature allows you to quickly set up a personalised budget based on your actual spending, and easily adjust and reflect on it until you find the sweet spot of financial freedom.”

Wells Fargo introduces money tracking platform

Life SyncWells Fargo & Company launches LifeSync, a personalised digital approach to aligning clients’ goals with their money.

Available in the Wells Fargo mobile app, the tool will be available at the end of March to wealth and investment management (WIM) clients.

“LifeSync delivers what our clients have asked us for,” said Michael Liersch, head of WIM advice and planning. “They want to see their goals and how they’re progressing toward them. They want to understand what’s influencing their goals — both market events and their own actions.”

LifeSync can also provide real-time progress on goals, tracks key ‘vitals’ including net worth, portfolio performance, market indices, FICO scores, and credit card reward balances.

Mobile card reader for Faster Processing payments arrives in the UK

Card machine company UTP Group has created tapeeno app, which transforms any Android phone into a card reader that can process transactions within one hour.

It claims to be the first mobile card reader to use Faster Processing payments in the UK.

Customers who are approved by tapeeno will pay a 1.50 per cent transaction fee for any card payments, making it ideal for startups, growing ventures and transferring money between friends.

Liminal introduces mobile app for Web3 businesses

Liminal, a wallet infrastructure platform, has unveiled a mobile application on the iOS platform.

The app lets crypto-native companies to make secure transactions on the go while improving organisational efficiency and productivity. Organisations can also set up secure transactions, enabling them to move assets quickly and securely.

Dhruvil Shah, SVP of technology at Liminal, said: “With the increasing need for a robust infrastructure, its imperative for Web3 businesses and exchanges to have control of digital assets at any given time. Our app gives enterprises the power to manage transactions while offering the utmost security of self-custody on the go.”

NatWest Rooster Money offers free kids’ card subs

Natwest RoosterNatWest Rooster Money has updated its pricing to give NatWest Group customers free access to its prepaid kids’ debit cards subscription.

Households in the bank can enjoy access to free Rooster Card subscriptions for up to three children aged six to 17.

This extends the previous 12-month free subscription offer to NatWest Group customers, giving families access to financial tools to help their kids learn for as long as they’re with NatWest, Royal Bank of Scotland or Ulster Bank with an annual value of up to £65.67.

The move follows NatWest Group’s acquisition of Rooster Money in 2021 and the latter’s subsequent rebrand as NatWest Rooster Money in 2022.

Mashreq launches Neo Groups

Mashreq has introduced Neo Groups, a community-based banking product.

Mashreq and Mashreq Neo customers can create groups, invite up to 50 friends to join, and collectively earn higher interest rates on their savings with the Bank when the group members deposit more.

Neo Groups enables its users to conduct interactions and track the group’s activity in real time. In addition to enjoying interest rates of up to 4.50 per cent, the group leader who brings in a new member can receive a bonus of AED200 for every successful referral.

Radu Topliceanu, head of Neo and personal banking at Mashreq, said: “Mashreq is committed to providing innovative solutions that address the key needs of consumers and maximise returns on their investments. Through Neo Groups, the first-ever community-based deposit product in the UAE market, customers can join forces in a fun and friendly way to obtain higher interest rates even though they do not have huge amounts.”

Binance now accepts bank transfers

Binance, a crypto and blockchain infrastructure provider, is now accepting bank transfers, making it easier for South Africans to invest in products such as bitcoin and other cryptocurrencies through its exchange..

The introduction of bank transfers makes cryptocurrency more accessible for a broader audience, adding to the Linked Bank Account option already offered by Binance.

Bank transfers will initially be available at no cost, with no limits besides those imposed by the user’s bank. The transfer may take two to three days to reflect on a user’s Binance account, depending on their bank’s processing times.

Uome introduces recurring commission affiliate scheme 

Uome has launched an affiliate programme to boost brand awareness while also helping affiliates to earn a recurring commission of 20 per cent for referring new paying subscribers to Uome.

Jason Halstead, CEO and founder of Uome, said: “Being a Uome affiliate is a great way to enhance your relationships with your customers, attract new business and make some extra money.

“As a Uome affiliate you can earn a 20 per cent commission for referring new paying subscribers to Uome. And by sharing Uome with your network you are helping others who are starting their business or already on their journey to stay on top of their finances and make some extra money while doing so.”

 

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