Apr 1

Apr 1 Zeux, the all-in-one money management app launches physical VISA Card

Zeux, the first mobile fintech app to bring together payment functionality, zero added fee foreign exchange, investment and savings alternative options in one smartphone experience, has announced the launch of its physical VISA card to satisfy the growing appetite for a ‘phygital’ – physical and digital – banking experience.

The fast-evolving fintech world has become a hotbed for new players emerging on the scene - with digital, and increasingly virtual, solutions that improve the seamlessness of the banking experience. But there is still a strong appetite for traditional hands-on solutions. Even Apple has just announced the launch of its very first physical store in India.

“At Zeux, we started our journey with virtual cards and saw a 50% month on month growth in usage. With an average age of 26, our customers are bold and savvy. However, there is still a demand for fintech to be coupled with more traditional offerings. As a customer-centric company, we spend time getting to know our customers, and based on the demand for a physical card, are now proud to announce the launch of the Zeux VISA card for our customers. It marks an important milestone in the Zeux journey, further validating its position as a fast-growing financial institution.”

The new Zeux physical card presents user friendly features:

- zero FX fee when paying abroad

- no additional fees on any overseas transactions

- categorised spending to track your expenses

- ability to send and request money to/from a friend

- instant payment notifications

- zero fee for cash withdrawals in both the UK and overseas (ATM providers might charge extra fees)

- easy to use investment products

- ability to pay with cryptocurrencies using the physical Visa card in the your everyday life

Currently, Zeux customers instantly receive a virtual card which can be used immediately, paying for goods on or offline. Now, customers can opt to receive the physical card by applying via the app in a simple 3-step process.

Still married to physical cards

UK Finance Market Summary 2019 states: “Having overtaken cash in 2017, debit cards remained the most frequently used payment method in the UK in 2018, used for nearly four in ten payments.” The report also predicts that by 2024 debit cards will account for half of all payments in the UK - that’s a number which can’t be ignored.

CEO and founder of Zeux, Frank Zhou said: “Consumer adoption of fintech services in the UK is seeing impressive growth, though the cautionary approach we are known for as a nation holds us back from competing with countries like China and India.

“When we moved from cash to credit cards, consumers still carried cash with them for a transition period, until the cards became second nature and felt safe. Similarly, when Apple Pay was first introduced, consumers continued to carry their credit cards, ‘just in case’. Building trust with UK consumers takes time, and this is a factor that is often overlooked by fintechs: developing systems they ‘think’ the consumer wants will only create a landfill of solutions that no one ever asked for. Knowing your customer has never been more important.

Globally, consumer adoption of new fintech services is on a strong upward curve, but the UK still lags behind its Asian counterparts. According to EY’s Global Fintech Adoption Index 2019 and its survey of 27,000 consumers across 27 countries, China and India jointly lead the way with consumer fintech adoption at 87%. The UK comes in at a respectable 10thplace with 71%, which is leagues ahead of the US at 46%.

Since its launch, Zeux: