FinTech: Discover’s Checking Account, The Uber Super App, And White Label BNPL
Discover’s all-new checking account comes with cash-back rewards.
The Discover Checking Account
Discover (NYSE: DFS) has launched a new, benefits-packed Cashback Debit account with user-friendly features, such as early access to paychecks up to two days in advance and a mobile-first banking experience.
According to Discover Research, 90% of consumers say having no fees is an important checking account feature but only 46% state that their banks offer a no fee checking account. Further, the most important checking account features for consumers are security (85%), free access to ATMs (84%), and 24/7 access to customer service (82%).
All these features are offered with the Discover Cashback Debit account.
“Our new Cashback Debit account is designed to be the only checking account that a customer will ever need,” said Carlos Minetti, president of consumer banking at Discover. “Our unique Cashback Bonus rewards program makes it easy for people to earn cash back as part of their everyday debit card spending. (BusinessWire)
Uber’s Super App
Uber (NYSE: UBER) announced that UK users will be able to book intercity rail and coach tickets on the app later this summer.
In addition, Uber is rolling out nationwide car rentals on the app to ensure riders can go anywhere in the UK. Access to affordable rental cars on the app will help locals and tourists alike to explore everything the UK has to offer.
Following the addition of trains and coaches, later this year Uber will expand its offering by adding flight and cross-channel train tickets into the Uber app.
Jamie Heywood, Regional General Manager, UK, Northern & Eastern Europe, Uber, said: “You have been able to book rides, bikes, boat services and scooters on the Uber app for a number of years, so adding trains and coaches is a natural progression. Later this year we plan to incorporate flights, and in the future hotels, by integrating leading partners into the Uber app to create a seamless door-to-door travel experience.” (Uber)
Plug-and-Play BNPL for banks
Nimble fintechs have been nipping at the heels of banks with their fast-growing buy-now-pay-later (BNPL) brands. Codebase Technologies, a Global Open API Banking solutions provider that enables banks and financial institutions to quickly digitalize financial services, is offering a white label BNPL solution via its Digibanc virtual banking platform.
The new BNPL component allows for banks, fintechs, lenders, retailers, and other entities to create and launch their own branded BNPL offering.
According to Codebase, building a BNPL solution can be quite expensive. Furthermore, it “can take an extended period of time to test and deploy while partnering with a BNPL provider can take control away from a company and be quite expensive in the long run.”
“Our BNPL solution gives them a way to address that and launch their own BNPL offering quickly and cost-effectively,” said Raheel Iqbal, Managing Partner at Codebase Technologies. “Introducing such a solution can help increase repeat business, lower customer credit risks, increase average order value, and improve customer experiences; the benefits are extensive.” (CrowdFund Insider)
Related Story: In The UK, Digital Chase Offers 1.5% On New Saver Account
Image Credit: Flickr
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