fbpx
PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • COVID-19
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • COVID-19
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

Payment Transactions Exploded by over 1,000 Percent in Six Months for Danish ‘Tap-To-Phone’ Start-up Vibrant

Transaction values soared by over 700 per cent and number of users by more than 600 per cent for VISA-backed business

PaymentsJournal by PaymentsJournal
February 14, 2022
in Contactless, Press Releases
0
Payment Transactions Exploded by over 1,000 Percent in Six Months for Danish ‘Tap-To-Phone’ Start-up Vibrant

Payment Transactions Exploded by over 1,000 Percent in Six Months for Danish ‘Tap-To-Phone’ Start-up Vibrant

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

The Danish fintech start-up Vibrant has seen an exponential increase in the use of its tap-to-phone payment solution. Between August 2021 and January 2022, it recorded 1,131.97 per cent growth in the number of transactions made via its app.

This has been matched by a 736.41 per cent expansion in transaction values (the amount of money changing hands in payments) and a 606 per cent boost in the number of merchants using Vibrant, which is backed by VISA.

The Vibrant app is a revolution in payments for the smallest businesses. Instead of requiring bulky contactless card readers, it allows micro-merchants to receive contactless payments directly on an Android phone, using only the app to accept it.

The simplicity of the system is attracting people quickly in the markets where it’s available: Cyprus, Denmark, Greece and Spain. The fee is low and transparent at 1.39 per cent for all card transactions, providing an added draw. What’s more, there’s no binding period and payments appear instantly. There are no monthly expenses for customers either.

Commenting on the stratospheric growth, CEO, Kasper Enggaard Krog, says, “Making and receiving a contactless payment should be easy. Yet it isn’t – especially for micro businesses. It has often meant expensive ongoing fees, slow settlements, lots of admin and called for an up-front investment in cumbersome and basic technology.

“We’ve changed that by allowing hairdressers, car washes, market stalls, cafés and many other small traders to take a payment with nothing more than their phone and our app. It simplifies everything.”

The pandemic has accelerated the growth in contactless payments. In 2019, about 40 per cent of micro businesses didn’t accept card payments. This is despite there being six billion contactless cards in the world and 47 per cent of people preferring to pay with one when at a physical point of sale.

Since then, businesses have made the change and are looking for the simplest and most cost-effective ways to accept contactless payments. Vibrant is meeting that need and expects to continue growing at pace as more traders become aware of the brand.

Vibrant plans to continue expanding throughout Europe and will develop the app to include payments, insights, and integrations, which will make merchant’s lives easier and support business growth. With Apple having just announced it will allow tap-to-phone payments in the near future, Vibrant plans to extend its app to iPhones.


Tags: business growthContactlessFintechfintechsMerchantMerchantsPress Release
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily
    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Mercator Advisory Group analysts and industry professionals.

    Must Reads

    Fed Survey Finds Access to Faster Payments Important to Most Businesses

    How to Ensure Accurate, Efficient Payments Amidst Economic Uncertainty

    August 12, 2022
    eCommerce Payments Fraud money mules

    Money Mules, You Are Already Have Them – Now What?

    August 11, 2022
    Why Banks and Credit Unions Need to Adopt Real-Time Payments Now

    Why Banks and Credit Unions Need to Adopt Real-Time Payments Now

    August 10, 2022
    Making Sense of Online Identity

    Making Sense of Online Identity

    August 9, 2022
    Account Takeover Fraud Is Getting More Sophisticated. How Can We Beat It?

    How to Protect Consumers from Account Takeover Fraud

    August 8, 2022
    Technical Challenge or Business Enabler? Seizing the Opportunity of PCI DSS Compliance

    PCI DSS v4.0 Compliance: Raising Your Script Security Awareness

    August 5, 2022
    Reexamining Buy Now Pay Later as PayPal Makes a Bigger Move

    Reexamining Buy Now, Pay Later as PayPal Makes a Bigger Move

    August 4, 2022
    Putting AI and Machine Learning to Work Against Fraud for Banks, PSPs, and Merchants

    Putting AI and Machine Learning to Work Against Fraud for Banks, PSPs, and Merchants   

    August 3, 2022

    • Advertise With Us
    • About Us
    • Terms of Use
    • Privacy Policy
    • Subscribe
    ADVERTISEMENT
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • COVID-19
    • News
    • Resources

    © 2022 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result

      Download the complimentary eBook - The power of today’s market‑ready AI to reduce transaction fraud