VibePay expands fee-free service to online sellers

Monday 23 March 2020 13:59 CET | News

VibePay, the social payments app, has revealed a new way for users to request payments from anyone, not just their contacts, directly from their secure bank account. 

This will eliminate payment processing fees for online sellers and speed up the time they get paid from days to just seconds.

VibePay’s new app update is responding to growing demand from this community, by taking on the established payment providers that make it expensive and lengthy to get paid by someone. Some charge 3.4% per transaction just to make a payment, not just on the items sold but across the combined sales price and postage costs, and can hold the funds for up to 21 days.

In the VibePay app, users can now create a payment request for the amount they need to get paid (eg GBP 10) and generate a unique, secure link. They can then share this link with anyone they want to request a payment from – this could be on WhatsApp, or through the platform they’re selling items on. When the recipient clicks on the links, it takes them to the VibePay app where they can complete the payment securely from their linked bank account. The link never expires so it’s easy to take the same payment amount from several people in a group or when selling items online.

Users can also use the app’s revamped activity page to keep track of who has paid them through each link, and who still owes them money.

VibePay has already partnered with the UK’s banks including Monzo, First Direct, Revolut, Lloyds Banking Group, Barclays and Santander. It has also now acquired licences to enter new markets across Europe, including France, Luxembourg and Germany, which will be rolled out in the coming weeks.

In the coming weeks VibePay will also announce the next phase of the Vibe banking gateway, which the company refers to as ‘the engine’. This is an aggregated layer, which integrates into existing banking infrastructure, and with one simple API allows the consumer app to deliver a unique experience for consumers, powering social payments.

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Keywords: VibePay, online sellers, payments, banking, app
Categories: Banking & Fintech | Online & Mobile Banking
Countries: United Kingdom
This article is part of category

Banking & Fintech