BrightMinds app and fintech goes up against giants DE19D8B3 9499 41FB B15C 421C549F2B24
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< > Los Angeles, California Apr 6, 2021 ( Issuewire.com ) – BrightMinds card to rival Google, Apple Pay, and others
BrightMinds, the much-anticipated app, has developed its own physical and virtual debit cards.The BrightMinds card and associated checking account will allow users to make purchases, ATM withdrawals, or swipe anywhere Visa is accepted across the globe.Users must first download the BrightMinds app which has an activity monitoring tool for balance check and other money management features.The card will be co-branded with Evolve Bank & Trust.Evolve is a mid-cap Bank with just under $5 billion in assets.
BrightMinds the financial services company?
By building a smart debit card, BrightMinds has the opportunity to unlock new streams of revenue and data.It could potentially charge interchange fees on purchases made with the card or other checking account fees and then split them with its banking partners.Depending on its privacy decisions, brands might pay top dollar for BrightMinds ads if they can prove to drive sales.
As a financial services company, a smart debit card and checking accounts could pave the way for BrightMinds later offering banking, stock brokerage, financial advice or robot-advising, insurance, or lending.This deal affords endless possibilities for the startup.
BrightMinds vast access to data could allow it to more accurately manage risk than traditional financial institutions.
Its deep connection to consumers via apps, ads, search and the IOS operating system gives it ample ways to promote and integrate financial services.With the COVID-19 downturn taking shape, high-margin finance products could help BrightMinds develop efficient revenue opportunities and build its presence.
BrightMinds debit card plans:
We’re exploring how we can partner with banks and credit unions in the US to offer smart checking accounts through BrightMinds, helping their customers benefit from useful insights and budgeting tools while keeping their money in an FDIC or NCUA-insured account.
Our lead partners today are Evolve Bank & Trust.
For now, BrightMinds strategy is to let their partnered bank provide the underlying financial infrastructure and navigate regulation while it builds smarter interfaces and user experiences.It’s foreseeable that one day BrightMinds might cut out the banks and take all the spoils for itself.
With people around the world suddenly more concerned about their finances amidst the coronavirus economic disaster, a debit card with more transparency and controls could be appealing.
The BrightMinds debit card will come co-branded with the BrightMinds name and its partnered bank.
In the design, it’s a chip card on the Visa network, though BrightMinds could potentially support other networks too like Mastercard.Users are able to add money or transfer funds out of their account from the connected BrightMinds app and use a fingerprint and PIN for account security.
Users could pay for purchases in retail stores with a physical BrightMinds debit card, including with contactless payments (Flash Pay), by just holding it up to a card reader.A virtual version of the card that lives on a user’s phone can also be used for Bluetooth mobile payments.
Meanwhile, a virtual card number can be used for online or in-app payments.
Users are shown a list of recent transactions, with each including the merchant name, date, and price.
They can dig into each transaction to see the location on a map, get directions or call the store.If users don’t recognize a transaction, it’s easy to protect themselves with the card’s vast security options.
If a customer suspects foul play because they lost their card, they can lock it and optionally order a replacement while still being able to pay with their phone or online, thanks to BrightMinds virtual card number system that’s different than the one on their physical card.If instead, they suspect their virtual card number was stolen by a hacker, they can quickly reset it.And if they believe someone has gained unauthorized access to their account, they can lock it entirely to block all types of payments and transfers.
And while Facebook slams into regulatory scrutiny and is forced to scale back its Libra cryptocurrency, BrightMinds’ approach via debit cards could seriously pay off.
Media Contact
BrightMinds/Michael St.John [email protected] 213-453-5933 http://www.BrightMindsSocial.com Source : Newsroom
Categories : Banking , Finance , Internet , Multimedia , Technology .
