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RIP TRADITIONAL BANKS — LONG LIVE DIGITAL WALLETS

07-26-2019 07:38 PM CET | Fashion, Lifestyle, Trends

Press release from: Passfeed, Inc.

(New York, NY) July 22, 2019 — Digital wallets have seen a recent surge in popularity around the world. China, Norway, the UK, Japan and Australia are just some of the countries that have seen and embraced the notion that the future of banking and shopping is now.

Many US banks have dabbled in the mobile wallet game and some have fared better than others. Citi Bank, American Express and Wells Fargo, for instance, all offer Apple Pay, Google Pay and Samsung Pay. Bank of America and Chase accept all three as well as Paypal.

Obviously, the banking industry has made significant partnerships with third party mobile wallets but most haven’t dared try to take the next step and fully integrate themselves into the future of banking.

The few times this move was attempted by major banks was met with failing results. Capital One had its Capital One Wallet app but recently discontinued it and CitiBank’s Citi Pay Masterpass is going to be discontinued on August 31st of this year.

Valiant efforts on their part, but ultimately, banks are unsure of what to do with Digital Wallets. Thankfully, Passfeed knows the ins and outs of mobile wallet technology and has used its features to enhance its customers’ experience.

Banks’ partnerships with third party vendors means that you are providing your PII (Personally Identifiable Information) to multiple sources. With Passfeed’s Digital Wallet, you enter your information once and that’s it. A one-stop-shop to get started on all that the App’s mobile wallet has to offer.

Once you download and sign up with Passfeed’s App, you can link your credit card to its Digital Wallet. Once your Digital Wallet is active, can you send money to friends who are also users of the App, purchase virtual debit cards, earn 2% back in iPoints with every purchase you make, and buy and exchange gift cards at a discounted rate, all while keeping track of your transaction details.

FinTech, short for Financial Technology, describes a business whose goal is to provide financial services by utilizing software and modern technology. Passfeed has evolved to the point where it has branched out into the FinTech world and it looks to make a significant impact on how its users can take control of their finances.

By offering various banking options such as its Paylater virtual credit card service and making future long lasting partnerships with credit unions and Venture Capitalists, Passfeed yearns to give its customers more choices for how they can manage their money.

Passfeed, in a nutshell, is a multi-faceted Digital Wallet that also happens to thrive in the e-Commerce world by selling 1.5 million items on its App for purchase. Its various banking and shopping features make Passfeed the all-encompassing choice for shoppers who want to move away from the rules and regulations of the traditional banking system.

Digital Wallet technology is still fairly new to the US and banks have been slow to accept all that it offers. Passfeed, on the other hand, saw right away the potential Digital Wallets have and how they will change how we organize our finances. Banks may be taking longer to get with the Digital Wallet program, but Passfeed is privy to take advantage of all that mobile wallets have to offer, and customers are reaping all of its benefits.

About Passfeed

Founded in 2018 by start-up entrepreneur, Richard Wang, Passfeed is reinventing online shopping. Our Fintech/eCommerce experience combines the best features of social shopping and banking. Consumers can shop, store and send money, share gift certificates and even take advantage of our Paylater service. The social sharing capabilities rewards our users with earned iPoints — which are then used to save money on additional purchases. With the motto “Never be boring” as a guide, Passfeed is the future of shopping and banking today!

You can learn more about Passfeed by logging onto www.Passfeed.com or by downloading the App for free at https://apps.apple.com/us/app/passfeed for your iOS device.

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If you would like more information about this topic, please call: Dennis Sary, Marketing Director at (929) 332-2099, or email at dennis@passfeed.com.

Dennis Sary, Marketing Director
(929) 332-2099
E-mail: dennis@passfeed.com
750 Lexington Ave 9th floor, New York, NY 10022

Passfeed, the Social Shopping App, was founded in 2018 by Richard Wang. His concept combined the business models of established businesses like Wish.com, Amazon and Aliexpress with the convenience of digital wallets. The upstart start-up provides a fully functioning shopping ecosystem where users are able to shop from 1.5 million items and, at the same time, share and obtain rewards and iPoints. The company sought to capitalize on most consumers’ frustration with the current banking and credit card fee environment. His dream was simple: people should be able to shop and share deals and savings without having to pay third party service providers a chunk of their hard earned money. This set of ideals laid the groundwork for what soon became one of the fastest growing Apps on iTunes.

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