Banked and VibePay put Pay By Bank at the service of young people

Banked, global banking payment platform, just announced the acquisition of the UK consumer payment app VibePay. The objective of this association is clearly set. The aim of the new group is to accelerate the adoption of Pay By Bank payment solutions, in particular to boost the use of young people in the Z generation.

FACTS

• Banked's acquisition of VibePay is now formalized. Thanks to this operation, Banked's integrated payment platform is shared with the tools dedicated to improving customer experience and community engagement in VibePay.

• But their joint work must also and above all encourage the deployment of Pay By Bank solutions to the market. For this, Banked targets young consumers in particular here. The platform plans to build on the coverage of the VibePay market, which over the years has been successful with younger people by retaining a customer base belonging to generation Z and Millennials.

• Motivating this core target goes, for the two new associates, through loyalty and reward. Young people doing Pay By Bank transactions via Banked's now-owned VibePay app will now have access to customized rewards, cashback and other exclusive offers.

• This acquisition remains subject to approval by the Financial Conduct Authority (FCA).

ISSUES

• Boost loyalty offer around payment : Banked relies on figures published in a report UK Finance pointed out that in 2023 the UK debit card market accounted for 86% of card payments. However, users who make these types of payments are rewarded only up to 2% of their purchases. Banked thus highlights the interest of consumers in opting for a more remunerative means of payment in line with its solution proposed today in common with VibePay.

• Democratizing Pay By Bank: By targeting users already accustomed to VibePay's private payment service and relying on the transaction reward, the two new partners are now seeking to participate in the democratization of account-to-account payments by anchoring them in the habits of new consumers.

• Use AI to optimize loyalty The VibePay analysis and recommendation system is based on AI. This partnership will enable Banked's partners and traders to target Pay by Bank users verified via VibePay channels, offering them personalized offers and messages.

PERSPECTIVE

• The United Kingdom is not the only country that will be affected by the deployment of this new joint offer. Banked and VibePay are already considering expanding their international collaboration and offering their services to trading partners and consumers around the world in the future.

• Banked is not on its first initiative in the internationalisation of its offer since the start-up already signed a collaboration with Bank of America in 2022 to facilitate online shopping by allowing US users to pay directly from their bank account (A2A: Account to Account Payment).

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