Which Fintech Firms Are Breaking Into Banking With Credit Cards?

Which Fintech Firms Are Breaking Into Banking With Credit Cards?

by November 26, 2020

One staple of the financial world in the whole of Asia has been the credit card. These handy cards allow people around the continent to access cash that they might not actually have in the bank. Once the money is made available, you are free to use it as you wish but on the understanding that you pay it back, with interest, on a monthly basis. Big names in the world of credit cards have traditionally been companies such as American Express and Mastercard.

Credit cards are a popular payment method because they offer quick access to cash and are easy to use. They can also be used in a variety of settings and situations. Playing casino games online is a great example of when someone might use a credit card. For players in China and Singapore, there are lots of safe credit card casinos where you can quickly access the money you need and play online.

New consumer habits around credit and spending are fast changing how this particular banking niche works. Tech innovations from credit card issuers are also helping to transform this area in banking. Already, we have seen contactless payments driven by fintech innovations change how we spend. It now seems that credit cards from top fintech names and new guns in this sector are set to revolutionise banking.

But which firms should you know about?

Apple



apple credit card

Although you might not class Apple as a classic fintech firm, it is a leading tech giant that is getting more involved with the financial world by the day. For this reason, it warrants a mention on our list. While services such as Apple Pay have taken off in a major way, it was the release of the Apple credit card in late 2019 that really got people talking. Currently available in the US and with plans for a global rollout, this tech-backed card is outstanding. Linked to your iPhone, there are none of the fees that traditional credit cards come with – instead, there are tools that help lower the amount of interest you pay. Security measures such as face identification also make this card much safer to use than a standard credit card.

Edge Mobile

edge mobile

From a well-known giant of the scene, we now delve into a newer fintech firm that is looking to disrupt banking with their credit cards. Founded in 2017, Edge Mobile has developed the Edge Card, which not only rips up the rulebook for credit cards but for bank cards in general. This is a dynamic, all-in-one card that not only acts as a way to get fast credit but also doubles as your debit card. This means you only need to carry around one card to do everything! It comes with its own app to power it and is really simple to get going with. As you would expect from a fintech solution, high levels of digital encryption are used to keep your money secure.

Jaja

jaja card

There is no doubt that news of Jaja’s launch in 2019 caught many people’s attention. Much of this was down to the company confidently calling itself a ‘challenger credit card company’, which made it sound exciting and fresh. The card is easy to register for online and the company is certified by the FCA, so you can trust it to operate in an ethical way. As per Apple and Edge Mobile, its credit card also comes with the ability to use a mobile app to stay in control of spending. It is thought that Jaja has already gained around 500,000 cardholders since launch – this shows just how popular fintech companies such as this are in the banking world.

Tymit

tymit card

Another company that is bringing technology and finance together to change banking is Tymit. It has also launched its own credit card that operates on a unique instalment model. The Tymit card allows you to pick the number of months you wish to make repayments over, and the app makes it simple to plan out the best route to take. With the chance to change your instalment plan as you go, and with interest only being charged on the initial purchases you make (not your overall balance), this fintech innovator has really changed the game.

Fintech credit cards are changing the banking world

As we have already mentioned, the credit card system in banking is something that has stayed the same for quite a while. This was mainly due to a consensus among providers and a lack of technology making innovation difficult. As the above credit cards from fintech innovators show, this is no longer the case. In modern times, anyone around Singapore or in the whole of Asia can access cutting-edge cards when they need credit.

 

Featured image credit: Unsplash

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