Do you remember the last time you paid to send a text? How did your communication habits change when WhatsApp changed the game, and put the power of free, universal messaging in the palm of our hands? It seems like an eternity ago that we lived without it. So, why can’t we all expect the same freedoms and accessibility when it comes to payments? Today’s economy demands, and deserves payments that are free, unrestricted and instant. Unfortunately that isn’t a reality that is enjoyed by everybody. Yet. Instead, sluggish and expensive transactions are hampering how we spend, the ways in which we do business, and send and receive money in emergencies. Surprisingly, perhaps, this is an issue that is particularly prevalent in the USA. These pain points have given rise to viral apps like CashApp and Venmo. We believe there’s a better way.
We are encouraged by the introduction of FedNow, in the states this week; an instant payment rail that endeavours to fix the aforementioned problems, and put instant, free payments into American hands. This week, UK government reports highlighted that over 7 million brits have adopted open banking, and we are confident that this growth can continue across the pond, with the introduction of a payment rail that can support the progress of teams like VibePay.
FedNow represents an exciting development across the Atlantic, and reinforces our confidence that we can build VibePay internationally. A product that the world, and it’s changing economy deserves and needs. Thanks for being on the journey with us.
Team Vibe ✌️