Zeux, a mobile Fintech app enabling payments, zero-fee foreign exchange, investment and savings alternative options, has announced the launch of a physical VISA card. While Zeux may be paddling upstream, the company said the move was to satisfy the growing appetite for a ‘phygital’ – physical and digital – banking experience. According to Zeux, there remains a strong demand for traditional hands-on solutions. The approach is somewhat similar to what Apple has done by providing both a virtual and physical card – if a user wants one.
Zeux reports that its virtual cars saw a 50% month on month growth in usage. As a customer-centric company, Zeux says its customers want a physical card and they are now proud to announce the launch of the Zeux VISA card for their customers.
The new Zeux physical card offers a similar experience to the virtual iteration including zero FX fee when paying abroad, the 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) and more.
Currently, Zeux customers instantly receive a virtual card that 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.
Zeux notes that debit cards remained the most frequently used payment method in the UK in 2018, used for nearly four in ten payments. A referenced report predicts that by 2024 debit cards will account for half of all payments in the UK.
CEO and founder of Zeux, Frank Zhou explains that consumer adoption of Fintech services in the UK is seeing impressive growth, but the cautionary approach the UK is known for as a nation holds the country 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.
Zeux says it is planning to raise capital soon. Additionally, the company is planning a pan-European expansion during 2020 and into 2021.