EverUp launches alternative to traditional savings accounts, powered by Modulr

Thursday 10 December 2020 10:28 CET | News

The prize-linked savings app EverUp has chosen the Payments as a Service fintech Modulr to power its payments infrastructure, including access to Faster Payments.  

The partnership means that EverUp will be able to offer its customers the UK’s first digitally native, prize linked money savings app, when it launches in January next year. 

EverUp customers will earn virtual coins based on how much they are saving and as they perform other actions, such as signing up, signing in, levelling up and inviting friends to join. The more they save, the more they will be rewarded with coins that can be used to play games, for the chance to win tax-free cash prizes. Customers never use their own money to play and can withdraw their  funds at any time, with no fees.

Modulr is one of the few non-bank payment service providers to become a directly connected participant of the UK’s Faster Payments Scheme, and it holds an account at the Bank of England so that funds are settled directly and held securely.

Through Modulr’s API-driven platform, EverUp can create individual money accounts for each of its customers so that they can start funding their account and playing for free, straight away. Faster, real-time payment disbursements allow any winnings to be distributed automatically, while real-time payment notifications enable customers to track their savings progress and see credits against their accounts, instantly.

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Keywords: EverUp, Modulr, payments , savings
Categories: Banking & Fintech
Countries: United Kingdom
This article is part of category

Banking & Fintech