Global Pay by Bank platform Banked is set to complete its acquisition of UK-based consumer payments app VibePay to accelerate global Pay by Bank adoption through innovative consumer and merchant incentives.
Recognising that many debit users are overlooked in traditional credit card ecosystems, Banked is aiming to address this gap via its acquisition of VibePay, pending FCA approval.
In 2023, the UK debit payments market made up 86 per cent of card payments, but the people who make those payments receive less than two per cent of the rewards. To address this, Banked plans to bring its payment infrastructure platform together with Vibe Pay’s consumer experiences and merchant insights tooling.
VibePay connects people, brands, sellers and banks with real-time messaging and instant payments. Like Cash App and Venmo in the US, the company has gained a loyal Gen Z and Millennial following, encouraging ‘conversational commerce’ through a blend of personalised offers, peer-to-peer payments and financial insights.
“Banked’s pioneering global infrastructure has made us a leading Pay by Bank provider alongside our distribution partners and merchants,” explained Brad Goodall, CEO of Banked. “But the real value in Pay by Bank goes beyond cheap and secure payments; it’s in making spending work for everyone. The combination of Banked and VibePay will drive Pay by Bank adoption through innovative consumer incentives – on par with credit cards – and empower merchants with deep data insights to drive acquisition and retention.”
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