iBAN set to launch digital wallet
iBAN, a UK-based company, is planning to launch iBAN Wallet to act as a digital alternative to traditional banking
As more and more consumers use digital applications in their day-to-day lives, the importance of creating seamless payment solutions has never been more important.
Now, planning to jump into the digital wallet scene, iBAN Wallet aims to merge all key banking services onto one unified platform that will enable a more seamless banking experience and can be accessed securely via smartphone.
Marc Hurr, co-founder and CTO at iBAN, stated: “We learnt a lot from other digital banking alternatives that came before us. For example, we knew we weren’t going to replace existing current accounts straight away, so we made it possible for iBAN users to manage their existing accounts through the platform.”
Apple Pay, Google Pay, and Samsung Pay have lead the way so far in bringing digital wallets to consumers daily lives. iBAN will be joining that market as it seems adoption rates for digital wallets is increasing rapidly.
iBAN eventually aims to replace traditional banks. Hurr added: “There’s no reason we can’t replace everything banks do with technology, creating a decentralised banking system that will be fairer and more stable.
“We take great care with our investments, only putting money into projects that can provide both social benefits and make a return. That way, our customers know their money is going to good use and is earning a competitive rate of interest.”
As well as moving money between accounts, iBAN also integrates a P2P crowd-lending platform. Users can fund loan requests from other users, negotiating their own rates of interest. In future, iBAN plans to offer these loan agreements in the form of smart contracts, which utilise blockchain technology.
Millennials and Generation Z is the customer base that iBAN is targeting with its digital wallet.
Hurr concluded: “I believe Millennials and Gen Z, in particular, feel that the financial system is rigged against them. They don’t have the same financial security their parents enjoyed and many of them may never own their own property.”
The introduction of digital wallets has given consumers the ability to store multiple cards and make more secure payments with a single device. This allows them to have a quick and easy banking experience. With many in the digital wallet space, it will be interesting to watch what new innovations the iBAN Wallet will offer to the market.