Last week in payments: Top five things you need to know

Uber launches a credit card

Digital ride-sharing app Uber has made its first foray into the banking world.

Uber announced it has partnered with Barclays on a new Visa card that will be available to consumers next month. The new credit card has no annual fee and offers a $100 bonus if consumers spend $500 in the first three months.

Other perks of the card include 4% back on restaurants and bars as well as UberEATS, 3% on airfare no hotels and 2% back on all online purchases. The annual interest ranges are set to be 16% to 25%.

Smartphones replace bank branches for Millennials 

New research by Visa shows that smartphone and in-app banking has replaced bank branches for Millennials.

Seven in 10 Millennial Brits now use their mobiles to keep their financial affairs in order, according to research launched by Visa. Visa’s third Digital Payments study asked over 42,000 Europeans, including more than 2,000 UK respondents, about their attitudes to alternative forms of payment and money management.

The findings show that 69% of British people between the ages of 18-34 say they have used a mobile banking app, with more than half (53%) noting that they do so regularly.

By comparison, 38% of total respondents across the country regularly conduct their banking via an app. The results reflect both increased investment in digital offerings from traditional providers, coupled with a growing number of app-first “challenger banks” entering the market.

Starling Bank launches Fitbit Pay

Starling Bank has become the first bank in the UK to enable payments on Fitbit Ionic smartwatches.

Customers of Starling Bank can now add their Mastercard debit card to their device, enabling them to make payments on the go directly from their wrist. Fitbit Pay brings convenience and freedom to users to leave their smartphone and wallet at home, and easily make purchases at thousands of stores where contactless payments are already accepted.

Anne Boden, CEO, Starling Bank, says: “Starling Bank was founded to empower consumers to take control of their money and better manage it on the move, so Fitbit Pay is a perfect partner for us as we continue in our mission to improve our customer’s financial wellbeing.

“Having successfully launched other payment platforms in September, we are delighted to be the first bank in the UK to offer Fitbit Pay as we expand our work to make secure, digital payments easier for all.”

Pay with Google goes live

Pay with Google launches last week, enabling consumers the ease of shopping seamlessly with any of the credit or debit cards that are linked with a Google Account.

Announcing the news in a blog post, the move comes after an announcement back in May stating how paying with Google can enable customers shopping online to speed through checkouts on several apps and websites with a few clicks.

Google sends the merchant your payment info and shipping address using the information from your account—no typing required. Then, the merchant will handle all the details just like any other purchase.

Paykey secures $10m funding

Tel Aviv-based social messaging app Paykey has announced it has raised a $10m Series B funding round led by MizMaa and includes several other investors.

The announcement brings Paykey’s total funding to $16m, following a $6m raise in November 2006 to further develop the mobile payment service that allows bank customers transfer money instantly using social media networks.

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