Groupee enhances social payment sector with instant pay platform

Groupee is aiming to grow the financial payments landscape, with the unveiling of a real-time payment app that allows groups of people to instantly share the cost of any purchase, anytime and anywhere that accepts Visa tap-and-go payments.

The millennial-focused fintech aims to elevate efficiency within the payments sector, allowing its users to pay for a plethora of items from drinks rounds, dinners out or concert tickets, to shared living expenses and group gifts, via the use of an instantly-issued Groupee Prepaid Visa Debit card – a virtual card that is stored in their smartphone digital wallet which can be used for payments in person or online.

Jarred Baker, founder and CEO of Groupee, commented: “Paying with others is a fact of life in 2019 and is almost always a mess. My team and I have built Groupee because we have experienced the pain of the problem that it solves every day. My whole life is about sharing experiences with the people around me, but that doesn’t mean I want to be out of pocket to pay for them.

“We are passionate about improving the way people spend their own money. What makes Groupee’s ‘pay-share’ philosophy great is that you use Groupee in the moment. There are no delays, no paybacks, no transferring money between bank accounts, and no more chasing money from friends.”

The new unique platform aims to capitalise on the growth of the growing experience economy, with it having developed a fresh category in the payments space, issuing reloadable prepaid Visa Debit cards to users as the principal tool to make group purchases possible and uncomplicated, rather than the traditional peer-to-peer (P2P) products where money is transferred between parties either before or after the main transaction occurs.

Groupee accepts Visa and Mastercard credit and debit cards, as well as American Express, as user-funding sources for the app; and Although not created or owned by any bank or financial institution, Groupee employs bank-level security features.