Mobile fintech app Zeux is marrying the benefits of the mobile and physical payments experience with the launch of its physical VISA card.
The app allows a zero added fee for foreign exchange as well as investment and savings alternative options in one smartphone experience as it seeks to satisfy the appetite for a ‘phygital’ – physical and digital – banking experience.
It comes as the fast-evolving fintech sector 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.
CEO and founder of Zeux, Frank Zhou commented: “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 a consumer fintech adoption at 87%. The UK comes in at a respectable 10th place with 71%, which is ahead of the US at 46%.
Issuing an update, Zeux stated: “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.”