Photo: Wallaby Financial
Wallaby Financial is a new payments service that connects credit cards to one “smart” card that figures out the best way to pay. The service, which is currently in trial, considers what cards the user has stored in their portfolio and uses the most, along with other profile preferences.
“Each time you swipe your Wallaby Card, we look at where you are, what day it is, what cards are in your wallet, what your preferences are and what special deals are available,” says the site. “You just swipe and sign at the register as you always do. You pay the same bills to same banks just like you always have.”
Payments can be tracked on Wallaby’s mobile app, where users can add and remove cards, update their profiles and get updates in real-time. Users can also search for rewards by location and set up which account will receive certain transactions, like gas or groceries. Personalizing the service is easy—cards can be set up to receive transactions over a certain dollar amount or during business hours, among other things.
CEO Matthew Goldman, a former product manager at the prepaid debit card company Green Dot, said he got the idea for Wallaby while filling up his car in California. The gas pump displayed a message that he would have gotten 5 per cent cash back if he used a different card, which annoyed him. He realised other consumers might feel the same way—drawn to the bevy of rewards at their fingertips, but unsure of how to put them to use.
For now, Readers can visit Wallaby’s sign-up page to join the list before the service goes live. The site says the first 1,000 customers will receive a lifetime benefit and the first 5,000 will receive a free card for 12 months. Wallaby will cost $50 per year (14 cents per day).
Wallaby isn’t the first wallet aimed at streamlining the way consumers shop and make purchases. MasterCard unveiled its PayPass Wallet in May, billing it as a free digital wallet service that stores everything all in one place. PayPal has been making headlines as well with a digital wallet that’s linked to a smartphone app.