Shared Expenses: Lyf Pay Teams Up with Tricount

The multi-channel m-payment solution Lyf Pay announces a partnership with the app for sharing expenses Tricount.

This FinTech purports to solve day-to-day accounting issues, and now lets its users settle accounts with their friends within minutes using Lyf Pay.
How it works: A “Payer via Lyf Pay” button will be displayed in-app. After tapping this dedicated button, the user specifies the recipient’s phone number or e-mail to be automatically directed to the Lyf Pay app. The payment step only takes one more step: the user does not need to specify his data once again. The transaction is verified via his Lyf Pay secret code or fingerprint.

Tricount does not mention their number of users but already counts millions of downloads. It also appears to be the third most used financial app in France, right after Crédit Agricole and PayPal. This audience does not, however, ensure profit for this start-up. As they uphold an all-encompassing approach, they would then need to implement means to monetise their product. The point would be to know when to monetise their services.
For Lyf Pay –which claims 400,000 active accounts– the idea is to reach out for more merchants and banks and, subsequently, increase their customer base.

In 2017, Tricount teamed up with PayPal and Bancontact to provide their users with a more comprehensive customer experience: from sharing expenses to payments. They aim for a similar goal with Lyf Pay.
Through these agreements, Tricount gives clues as to their strategy. In order to provide their users with additional services for free and efficiently challenge other FinTechs where likewise offers are featured (Sharepay, for instance), Tricount could provide their partners with paid access to their customer bases.
This agreement is announced just a few days after Casino entered Lyf Pay capital. This app intends to lead the French market within three years and will rely on a network of partners to achieve this goal.

Category : Alertes quotidiennes