Memento & Islandsbanki join forces to add money-pool service to Kass – the popular digital wallet app.
Now providing everyone in Iceland with an easy way to raise money for anything - connecting the bank to social media.
Islansbanki recently deployed Memento’s money-pool platform to the digital wallet app – Kass. The platform now allows users to create money pools for others to chip in, privately or publicly.
The platform utilizes the unique design and underlying API technology of its P2P payments platform to make users possible to raise money easily without complicating the front-end experience for users. Money-pool events are simply a dynamic payment event with neither a predefined number of participants nor a predefined amount.
Arnar Jónsson, CEO of Memento about the money-pool platform: “It will not only increase the use cases of wallet platforms but also drive traffic from many social media straight to these wallet services. As the digital wallet market is getting enormously competitive, the importance of becoming relevant in the social media context is constantly growing. It is a smart move to provide tools to pool money as it will raise awareness and usability of your digital wallet. The wallet provider can decide what user-segment is the most important and make sure the platform meets its strongest requirements. As a result, those users will become the advocates of the wallet-brand and strengthen both its image and place in the market.”
The feature is now available for every person with an Icelandic phone number and an Icelandic bank account. Because it’s simply users pooling money together, the use cases are many and diverse. Currently, the platform is used for various different reasons, such as to sell bingo cards, accepting admission fee for yoga classes and pitching in for coffee. It’s also popular to raise for charity causes, both for national aid organizations and also for more personal causes. The simplicity of creating events and sharing them on all relevant social media makes it an attractive way to raise money. For participants, it takes within 5 seconds to make a donation after coming across an event because users have all their payment details already stored in the wallet – ready to be used.
“Islandsbanki has been working closely with Memento for the past two years to provide great payment experiences, by licensing and servicing Memento’s digital wallet platform. Our digital wallet solution Kass, designed and developed by Memento, has been well received by, not only our customers but everyone. Kass won ‘app of the year in Iceland 2016’ and now we’re excited to announce that we’re expanding the service to allow users to raise money together digitally. Islandsbanki has high ambitions to offer the best digital-wallet service and we value the strong partnership we’ve built with Memento. We truly share their vision to bridge the gap between social media and banking and to service a digital wallet that can handle any type of payment needs. The money-pool feature is part of that vision” says Unnur Johnsen, Kass Product Manager at Islandsbanki.
Memento provides the leading digital wallet experience – empowering banks and other financial institutions to accelerate their all around payment transformation. Memento provides an advanced digital wallet API – quickly bridged to core services as well as front-end modules to be assembled or integrated into exciting projects. Memento was awarded “Best of Show” at Finovate Europe 2017 for demoing the company’s digital wallet platform – how to bridge the gap between social media and banking.
Íslandsbanki is a leading player on the Icelandic bank market with 25% — 50% market share across all domestic business segments. Islansbanki has often proven to pave the way with innovative technology and solutions on the Icelandic bank market, being the first bank to provide customers with advanced PFM systems and the first and currently only bank to launch a P2P digital wallet for everybody across banks.
The first and currently the only digital wallet platform in Iceland provided by banks, developed by Memento, branded and serviced by Islandsbanki. Voted ‘App of the year 2016’ by the Icelandic Web Awards. Offers P2P payments and money-pooling for everyone with an Icelandic phone number and a bank account. Kass also offers online merchant payments with carefully selected merchants.