Yesterday, Vibepay rolled out the social payments app, a new way for users to request payments from anyone.
For the first time, users can generate a bespoke payment from anyone, not just their contacts, directly from their secure bank account. This will wipe out payment processing fees for online sellers and speed up the time they get paid from days to just seconds.
In the VibePay app, users can now generate a payment request and create a unique secure link. They can share this link with anyone they want to request a payment from – this could be on any platform where they’re selling items. When the recipient clicks on the links, it directly takes them to the app where they can securely complete the payment from their linked bank account. It will make it easy for users to take the same payment amount from various people in a group.
“The VibePay app is just the beginning for us. Our vision is to use our different payment platforms and technology to enable any business to deliver a unique experience for consumers wherever they shop online. Open banking is allowing us to eliminate the middlemen who have dominated the payments space for years and offer consumers a fast, free way to request payments online.” says Luke Massie, Founder, and CEO of Vibe.
Major banks in the UK, including Monzo, First Direct, Revolut, Lloyds Banking Group, Barclays, and Santander has already partnered with VibePay. To enter new markets, VibePay has also now captured licenses across Europe, including France, Germany, and Luxembourg, which will be rolling out in the coming weeks.
VibePay will also announce the later phase of the Vibe banking gateway in the coming weeks, which the company refers to as ‘the engine.’