New fintech NumberX launches app-based payment card based on open banking principle. Mastercard is on board as a strategic partner.
Claudio Wilhelmer, previously Country Manager DACH of the London-based neobank Revolut, and Matthias Seiderer, previously Chief Revenue Officer of the Viennese AI technology company Anyline, are joining forces: With their new fintech company NumberX, they are preparing to launch an app-based Mastercard based on the Open Banking principle. The special feature: users can link all their current accounts to the NumberX app for billing purposes, set a monthly spending limit and use the NumberX Mastercard to make cashless payments worldwide without hidden costs, withdraw cash free of charge and benefit from other services. This is made possible by a new flat rate model. The global payment network Mastercard, the financial technology company PPS and industry-related investors have been won as initial partners.
NumberX is tackling a digitization problem in the financial industry: Neobanks have proven that there is a surge in demand for app-based payment cards. Traditional banks, on the other hand, hardly offer comparable digital solutions. In addition, users are often charged non-transparent fees for credit and debit cards from banks. At the same time, however, only a fraction of all users are willing to give up their primary account with their house bank. NumberX sees this market situation as an opportunity and addresses with its solution precisely those users who want to continue to maintain their account with their trusted bank, but also expect the advantages of app-based cards including access to additional financial services. NumberX thus combines the security of the house bank with the user experience of neobanks.
NumberX combines current accounts with new financial technologies
“Traditional banks hardly offer any contemporary solutions for the digital lifestyle of a young generation, especially in the area of cards. The price-performance ratio is simply not right. We are putting an end to this and reshuffling the cards with NumberX! We will soon be launching our app-based Mastercard on the market,” announces Claudio Wilhelmer, co-founder and co-managing director of NumberX International GmbH.
“The current account of the usersremains with the house bank, there is a lot of trust there. We are building on this foundation and see ourselves as an independent financial platform that connects existing checking accounts with innovative financial technologies through a single card.”
For the implementation, the company takes advantage of the regulations of the European Union, specifically the Single European Payments Area (SEPA) and the Second EU Payment Services Directive (PSD2). The PSD2 in particular makes it possible to break open existing market gaps within the banking industry through innovation and to think in a new, customer-centric way.
Matthias Seiderer, co-founder and co-managing director adds: “The banking world has problems responding to the needs of customers.and their desire for financial freedom. We are the easy-to-understand link between the old banking world and new financial technologies – that’s what NumberX stands for. “
Greatest possible freedom and flexibility through Open Banking
NumberX is an app-based Mastercard for iOS and Android devices with numerous features not offered in this form by traditional banks. Registration takes just a few minutes via app. In addition to a virtual NumberX Mastercard, users also receive a physical payment card. In addition, NumberX supports the most common mobile payment systems. The special feature: users can connect all their current accounts – such as individual, joint or company accounts of self-employed persons – with the NumberX app and set a monthly spending limit to control costs. NumberX automatically allocates payments to the correct current accounts, but these can also be split between several accounts and allocated to another current account after a payment has been made.
The fixed spending limit forms the monthly budget, which can be adjusted by linking it to the users’ current accounts.is automatically available inside. Via the app, users keepThe new system ensures that employees have an overview of their finances at all times and are thus protected from overspending. Unused budget from previous months is automatically booked into a savings account on request and is additionally available if required. Users benefit from worldwide payments and cash withdrawals without additional fees, no matter how often the NumberX Mastercard is used in stores, online or at cash machines.
“We offer a real alternative to existing bank cards for the greatest possible freedom and flexibility, while at the same time providing the greatest acceptance, high security and full transparency. NumberX is the daily companion of our users and contributes to more financial independence. Our roadmap includes many more useful functions,” says Seiderer.
Flat rate model à la Netflix, Spotify and Co. without commitment
NumberX is also breaking new ground in its business model with a flat-rate approach: NumberX can be used free of charge during a trial period, after which there are no further fees apart from a monthly flat rate. Users can pause or cancel NumberX at any time; beyond that, there is no commitment. Wilhelmer comments: “With NumberX, classic credit and debit cards without added value but with hidden fees are a thing of the past. For a monthly flat rate – just as you would pay for videos from Netflix or music from Spotify – NumberX can be used worldwide at more than 70 million Mastercard acceptance points and cash machines – that is our central promise,” explains Wilhelmer. Exact pricing will be announced at launch.
European fintech with strong partners and international ambitions
NumberX International GmbH continues to build up its team around the two founders and is primarily supported by the global payment network Mastercard and the payment service provider PPS. “As the driving force behind leading European fintech solutions, we are delighted to partner with NumberX. We are incredibly impressed with the vision, the team as well as their underlying Open Banking approach.
We are pleased to support the company with technical and regulatory solutions,” said Ray Brash, CEO of PPS. Peter Bakenecker, Executive Vice President-Division President for Germany and Switzerland at Mastercard, adds: “With NumberX, we are supporting a promising business model that demonstrates with its vision how open banking can become a real advantage for users in their everyday lives. We are looking forward to shaping this future together and to being an essential part of this development.
Pre-registration is now possible without obligation and free of charge via the website www.numberx.com. Users who successfully invite at least one other user by 31 March 2021 can use NumberX free of charge for life. The market launch of NumberX in European countries, initially in Germany and Austria, is planned for the coming weeks.