Galileo and Atomic unveil payment method switch tool

Developed in partnership with Atomic, the tool allows users to update their preferred payment methods, such as bank accounts, credit or debit cards, across various merchants and platforms directly within a single banking or fintech app. 

The integration is designed to address common pain points when cards expire or accounts change, by streamlining the process of updating payment information with subscription services, utility providers, and digital wallets such as Venmo and PayPal.

Growing need for streamlined payment management 

Industry data cited by Atomic indicates that users typically change between three to five payment methods during their initial use of the service, affecting approximately USD 420 in recurring monthly spend. This points to a demand for simplified solutions as subscription-based payments become more prevalent. Global recurring transaction volumes are expected to surpass USD 15.4 trillion by 2027. 

With a single integration that is also compatible with Galileo’s Direct Deposit Switch, clients can speed up product deployment timelines while offering users a centralised experience for managing payment preferences. Atomic supplies the necessary merchant connectivity, while Galileo oversees the secure transfer of card and account information. 

Representatives from Galileo noted that the service enables financial institutions and consumer brands to maintain engagement within their apps, reducing the need for users to navigate multiple websites to make updates. The offering is also aimed at helping clients encourage the use of their issued payment instruments for recurring transactions. 

Officials at Atomic added that the continued collaboration with Galileo supports financial providers in becoming the default choice for consumers’ recurring spend, by simplifying how payment credentials are managed and updated.

Consumer and institutional applications

From a user perspective, the tool is intended to reduce errors and missed payments by enabling quick and secure updates to payment credentials in one location. Consumers are also given the ability to assign different cards or accounts to individual bills, offering improved control over their payment arrangements. 

For banks, fintechs, and brand apps, the service is positioned to increase customer retention by promoting their cards or accounts as the default for routine spending. The simplified onboarding process also aims to enhance user engagement and loyalty through a more integrated payment experience.