Using the wrong payment cards while travelling costs Brits £1.4bn per year. VitraCash aims to offer a smart debit card and app that automatically chooses the best card for every transaction. They are now fundraising to launch their product in summer 2021.
We love the convenience of cashless payments, but using our credit cards while travelling proved to be a hassle. Every card has many pros and cons, we believe it has become almost impossible to keep track of all the benefits and hidden fees.
VitraCard aims to offer an app alongside physical and digital debit cards to combine all cards a customer owns. For every transaction our AI-driven algorithm will be designed to automatically select the best card so the user doesn't have to.
~ Our algorithm is US patent pending
~ In discussions over contracts with card issuer Monavate, US based card processor Marqeta and Acquirer CashFlows.
~ Our algorithm and app are in closed beta and we aim to launch in July 2021.
Our business model is based on interchange fees and premium subscription plans. We get up to 1.5% of the total transaction volume in interchange fees and plan to offer premium plans with additional benefits for monthly subscription fees.
The total number of issued VISA and MasterCard cards grew by 5% year on year from 2018 to 2020 worldwide and the total value of the card payment market is expected to reach over $909bn in 2023.
We’re fundraising to cover the estimated costs for our card processing and development to launch VitraCard in July 2021. Join us on our journey to build a genuinely smart card. To learn more, download our pitch deck from the documents section below.