Do you know that saying that the only constant in this world is change and the only person being happy about changes is a small baby (wanting new diapers)? Well, we are living in exciting times where we see major changes happening daily across all sectors – and the finance and banking sector is no different. Guess we have the technological developments to thank. 🙂
The result of those changes in the financial industry is Fintech, or simply put – software and technologies that support and enable financial and banking services. Innovation in fintech sphere is intended to automate processes, improve business operations, and, ultimately, make our lives easier. Cool right? 🙂
In that e-money ecosystem, there is one global payment platform that stands out (besides PayPal, although we all know your first thought went there!).
Ladies and gents (drum rolls…), let us introduce you to Verse – the rising star in the digital wallet market that aims to revolutionize digital payments and make them social.
With ❤ from Barcelona
Verse is a venture-funded startup founded in Barcelona in 2015. Their team has since expanded from 7 to around 30 employees, and their services are now available in 23 countries in the EU and EEA: Andorra, Austria, Belgium, Cyprus, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, The Netherlands, and the United Kingdom. But you know what’s even more exciting? They are actually the first Spanish fintech startup with a banking license to operate in the EU so the app works with all the different currencies.
This P2P payment provider from Spain is changing the fintech ecosystem by enabling its users to make fast and easy payments commission-free.
That’s right – no hidden fees!
The registration process is simple – users register with their mobile phone number and link their card with the app to send and request money from their phone contacts as easily as tapping on their smartphone screens. No more banking applications, no more 12-digit bank account numbers, and no more queuing!
Who is Verse for?
The app targets Millennials and GenZers aged 18-24 who are just becoming financially independent. Currently, they have over 550,000 users and the number is growing!
They also cater to business users who can use Verse to process payments, money coming in and out, and create virtual wallets for their customers. Their Verse for Business solution was built with online commerce in mind – from marketplaces, e-commerce, to crowdfunding platforms and NGOs. With Verse, they don’t have to build a payments infrastructure and can focus on growing their business.
Moving Money Made Social
One of the Verse’s core advantages is that it leverages its in-house technology to move money. They have no intention of becoming a bank. They use 21st-century tech to make payments fast, easy, and fee-free.
The social aspect springs from the fact that they have features like the Feed, Events, and Groups. Verse users can split bills and expenses for trips, parties, birthday presents, and other social activities, as well as request and receive payments on the spot, and stay up-to-date with their friends. Again, no fees, and as quick as sending a Whatsapp message.
Nine out of ten users transfer around 25% of their income to Verse and pay their small daily expenses from there. The daily transfer limit is €300 and you’ll need to provide a picture of your ID for the maximum amount. This is a security measure intended to prevent fraud by which they determine that the person who created the account is the same person who is using it.
The New Generation’s Pulse
To date, over 150 million euros have been moved with Verse. Users have the option of making small daily payments, and can even get a Verse Visa-powered debit card to withdraw money from ATMs and pay in shops.
Speaking of retail payments, they have recently launched a new QR feature which enables the user to pay by pointing the camera on their smartphone at the product’s QR code.
Their ATM cards can only be ordered in Spain for the time being and you will need to provide a Spanish phone number and an address in Spain. The card can be used abroad without any extra fees and the forex exchange for every currency is determined by Visa International.
The daily limit for purchases with your Verse card is €2500 whether you spend the money in Spain or abroad, offline or online. Also, you can withdraw up to €600 on ATM every day. The first two ATM withdrawals per month are free. After that and depending on the ATM, the user pays the fee.
Verse’s Ambassador Program
An extremely peculiar thing about Verse is that they are growing with minimal investment in marketing.
They have double-digit growth, more than 15% every month thanks to their community who are virally recommending their app. Every person who invites their friends to join Verse can get €3 per person if they sign up, and additional €5 after they have transferred €25. Neat!
More importantly, they have an awesome Verse Ambassadors Program. A Verse Ambassador is someone who loves organizing social activities like PR management, university event organization, or who wants to be a travel and party organizer. In other words, a person who loves having a great time with friends and other people – and being the one in charge! 😀
All you have to do is fill in a form and if you get selected, they will contact you in less than 48h. When you become a part of the Verse team and you achieve great results as their Ambassador, you can apply for an internship at their headquarters in Barcelona.
Apart from their Verse Welcome Pack, you can earn extra cash per every new user that signs up for Verse on your recommendation. Lastly, the best Ambassadors can get letters of recommendation and even become coordinators of their cities.
Payments and other money transfers are dancing to the rhythm of the new generations’ needs and behaviors. The times when you needed to go to the bank or ATM to make money transactions are coming to an end as state-of-the-art fintech solutions like Verse are providing users with a possibility to do all that as easily as sending an instant message.
So, to Verse or not to Verse? This one’s easy.