SolarisBank, Visa support challenger bank Vivid Money in German launch
SolarisBank and Visa have provided the technology to enable Vivid Money to launch its mobile banking app in Germany with virtual cards and cash-back rewards.
Vivid Money is a challenger mobile bank that combines savings, spending and investing into a single platform, similar to U.K. rival Revolut, with a cash-back Visa debit card that can generate up to 10% rewards that are saved into a stock investing program.
Vivid Money offers a metal Visa debit with no name on it, taking a page from the current Apple Card. It also offers the ability to create and use virtual cards for its customers at a cost of €1 (about $1.10) per virtual card. Consumers who want a contactless in-store shopping experience can currently load the Visa debit card into Google Pay, and in the near future, Apple Pay.
“We are proud to be the exclusive launch partner for Vivid in Europe and to support their entry into the German market,” Albrecht Kiel, regional managing director Central Europe at Visa, said in a press release. “The payment behavior in Germany is currently changing rapidly — consumers increasingly want to pay digitally — mobile and contactless. This is why the launch of the mobile-first Visa Debit card by Vivid comes exactly at the right point in time. I am convinced that the joint product proposition by Visa, Vivid, and solarisBank will further drive the adaptation of digital payments in Germany.”
Vivid Money allows consumers to open a bank account using their mobile phone within minutes and comes in two versions, Vivid Standard, which is free, and Vivid Prime which costs €9.90 (about $11) per month after a three-month free trial.
Vivid offers a no-fee currency exchange at a live exchange rate and free cash withdrawals worldwide of up to €200 (about $225) for Vivid Standard and €1,000 (about $1,125) for Vivid Prime. Both accounts also offer fee-free transfers, direct debits and payments in 150 currencies.
The stock trading feature is not yet live, but is expected to be launched very soon, according to Vivid. Investing in U.S. company stocks will be commission-free while purchases of European stocks will come with a low per-transaction fee.