Santander Leads $5 Million Funding in Mobile Loyalty Payment Firm MyCheck

A new land grab in the mobile Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term industry is beginning to take form among banks, credit card issuers, and mobile app providers; loyalty services. Creating solutions for merchants, these payment vendors are creating payment products that merge traditional payment systems like credit cards and domestic bank transfers, with loyalty points. The products follow the existing model that credit card companies having been using for years, which provides discounts or gifts from partners such as airlines or retailers when making purchases with them.

Adding a mobile element, app providers are creating systems that allow for mobile payments, as well as integrate discounts and loyalty points from participating merchants. These apps allow for users to make payments directly from their phone and receive notifications of discounts. Geo-enabled apps can also allow merchants to target customers when they become near their stores. As a result, the current land grab among these mobile developers is signing up consumers and merchants, as well as signing deals between payment companies and app developers.

Relating demand for such products, MyCheck, a mobile payments firm focusing on the loyalty market has announced that they have raised $5 million in series B funding. Leading the investment is Spanish bank, Santander. The investment is part of Santander’s $100 million Innoventures Fund which invests in Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term firms, with an emphasis in payment products.

According to MyCheck executives, the funding from Santander comes as the firm reached out to the bank following last October’s launch of the Innoventures Fund. Currently operating in its home market of Israel as well as having expanded to the US, UK, and Brazil since 2013, MyCheck plans on using the new funds to expand their US and Western Europe presence.