TFT’s weekly solution of product news and offers 24/02

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

Revolut offers shoppers cashback

Superapp Revolut has introduced a new service, “Shops”, which allows users to search and browse products from brands within the Revolut app.

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

Cashback is used automatically at checkout, so customers receive it immediately. 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 the ‘Hub’ and click on ‘Stores’ in the Revolut app.

Snoop unveils free ‘two tap’ budgeting service

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

according to Financial Conduct Authority’pp Financial Lives 2022 The survey has nearly 13 million British adults now experiencing low financial resilience.

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

Archna Luthra, VP of Marketing at Snoop said: “Snoop’s two-tap budget feature allows you to quickly set up a personalized 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

Wells Fargo & Company launches LifeSync, a personalized digital approach to aligning clients’ goals with their money.

The tool is available on the Wells Fargo mobile app, and will be available in late March to Wealth and Investment Management (WIM) customers.

“LifeSync delivers what our customers have been asking for,” said Michael Liersch, head of WIM consulting and planning. “They want to see their goals and how they’re moving toward them. They want to understand what’s affecting their goals—both market events and their own actions.”

LifeSync can also provide real-time progress on goals, tracking key “vitals” including net worth, portfolio performance, market indices, FICO scores and credit card rewards balances.

Mobile card reader for faster processing of payments coming to the UK

Card machine company UTP group has created the tape app, which turns 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 approved by tapeeno will pay a 1.50 percent transaction fee for all card payments, making it ideal for startups, growing businesses and transferring money between friends.

Liminal introduces mobile app for Web3 businesses

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

The app allows crypto-native companies to make secure transactions on the go while improving organizational efficiency and productivity. Organizations can also set up secure transactions, allowing them to move assets quickly and securely.

Dhruvil Shah, SVP of Technology at Liminal, said: “With the growing need for a robust infrastructure, it is critical for Web3 businesses and exchanges to have control over digital assets at all times. Our app gives businesses the power to manage transactions while offering the greatest security for self-storage while on the move.”

NatWest Rooster Money offers free child card subscriptions

NatWest Rooster Money have updated their prices to provide NatWest Group customers free access to the prepaid debit card subscription for children.

Households in the bank can access a free Rooster Card subscription 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 children learn for as long as they are 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 have 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 on their bank savings as group members deposit more.

Neo Groups enables users to interact and track group activity in real time. In addition to enjoying interest rates of up to 4.50 percent, the group leader who brings in a new member can receive a bonus of AED 200 for each successful referral.

Radu TopliceanuHead of Neo and Personal Banking at Mashreq, said: “Mashreq is committed to providing innovative solutions that address the key needs of consumers and maximize the return on their investments. Through Neo Groups, the first ever community-based deposit product in the UAE market, customers can turn come together in a fun and friendly way to earn higher interest even if they don’t have large amounts.”

Binance now accepts bank transfers

Binance, a crypto and blockchain infrastructure provider, now accepts bank transfers, making it easier for South Africans to invest in products like bitcoin and other cryptocurrencies through the exchange.

The introduction of bank transfers makes cryptocurrency more accessible to a wider audience, adding the linked bank account option already offered by Binance.

Bank transfers will initially be available free of charge, with no restrictions beyond those imposed by the user’s bank. The transfer may take two to three days to reflect in a user’s Binance account, depending on bank processing times.

Uome introduces recurring commission affiliate scheme

Uome has launched an affiliate program to increase brand awareness while helping affiliates earn a 20 percent recurring commission for referring new paying subscribers to Uome.

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

“As a Uome affiliate, you can earn 20 percent commission for referring new paying subscribers to Uome. And by sharing Uome with your network, you’re helping others who are starting their business or already on the road to manage their finances and make a little extra money while they’re at it.”