Zumo has partnered with Modulr to facilitate open banking-enabled top-ups.
Zumo is an Edinburgh-based crypto wallet. Modulr is a payments platform and authorized e-money institution. Modulr’s Payments as a Service API platform enables businesses to automate payment flows, embed payments into their platforms, and build entirely new payment products and services themselves.
Open banking-powered top-ups redirect users to their banking app, allowing them to authenticate the payment through their regular bank security. The top-up is automatically populated with their Zumo wallet details. It also replaces the need to fund wallets by manual bank transfer which has historically disrupted the customer journey and taken users outside of the brand.
Zumo co-founder and Chief Product Officer Paul Roach commented:
“The interface of crypto and traditional banking is one of the crypto industry’s points of greatest remaining friction. Simply put, our users want to know they have a quick, easy and reliable way to get their pounds in and their pounds out, and that’s what we’ve tried to address with this new feature. We want to provide that effective bridge between the worlds of traditional and smart money. Now, instead of going through the hassle of a time-consuming manual transfer every time they want to top up, users can authorise payments direct from their linked accounts in just a few clicks – and know that they don’t have to pay an exorbitant fee or risk their bank blocking the payment. It’s a great step forward for the crypto user experience and one we hope will really help get people comfortable with crypto as a whole.”
Altay Ural, Chief Product and Technology Officer at Modulr said they are proud to power Zumo as they deliver a seamless account top-up experience for Zumo users.
“Open Banking enabled payments have gained serious traction as an alternative to traditional payment collection methods. It’s great to see Zumo weaving this latest innovation into their app, boosting their customer experience and providing a friction-free crypto offering.”