Startup Mashes Your Credit Cards Into One "Smart" SlabPayments startup Wallaby promises to lighten your wallet (in a good way) while beefing up your credit-card rewards points. July 5, 2012Many of us have several credit cards that offer rewards like airline and hotel points when we use them for purchases.
Yet with so many choices and frequently changing rewards, it can be confusing to figure out which card to swipe. Card shark: Wallaby Financial connects all your credit cards to one card that, for an annual fee, automatically figures out the smartest way to pay. Goldman is the founder and CEO of Wallaby Financial, a payments startup that, for a fee, can connect all your credit cards to one plastic slab.
The company is betting that improving the existing credit-card system is going to be easier and more appealing for people than newly emerging payment technologies, including ones reliant on near-field communications chips in phones.
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When you swipe the Wallaby card to pay for, say, a dress or movie tickets, the service uses algorithms to decide which of your underlying cards to use to complete the purchase. In doing this, it considers several factors, including which cards you have in your portfolio, your personal preferences, and which card will earn you the most rewards for that transaction.
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“We think we’re going to save people several times that,” he says. Goldman, who spent several years working as a product manager at the prepaid debit-card company Green Dot, says the idea for Wallaby has been percolating for years.
Before his Green Dot days, he worked as a consultant and spent lots of time on the road racking up credit-card rewards points.
While getting gas one day, he saw an ad on the pump’s display informing him that if he had used another card to pay—one he actually kept in his wallet, but hadn’t thought to swipe—he would have gotten 5 percent cash back 20 Feb 2017 - How is that possible without Segwit or lightning network, you ask? First, notice that a lot of transactions already happen off-chain. Xapo claims that they do more off-chain transactions than on-chain. Coinbase, Localbitcoins, Purse.io, most bitcoin exchanges and services have some type of off-chain .
Why, he reasoned, should the consumer even have to think about which card is best to use for any given transaction? In January, he started working on the idea full-time, receiving funding from Los Angeles-based startup accelerator MuckerLab.
The Wallaby card is issued by a bank that the company is partnering with, but it isn’t a new line of credit, and users will still have to pay the annual fees and bills for their myriad cards The Terms and Conditions below set out the agreement between you and Wider Plan Ltd in relation to your use of Wider Wallet. Policy comprise the entire agreement between you and us and supersede all prior agreements, understandings and proposals, whether written or oral, relating to your use of Wider Wallet..
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Goldman has lots of competition on the wallet-lightening front, including from PayPal, which lets consumers make in-store payments with their cell-phone number and a PIN, and Google, whose Google Wallet uses near-field communication, or NFC, to let customers tap certain smart phones on special readers to pay. There’s also a digital payments effort called Isis, which also uses NFC, from the three largest wireless carriers.
Wallaby isn’t the first experiment with a multifunction card.
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That’s because the act of physically choosing a card makes us more aware of what we’re doing. It’s a big leap for consumers to trust that one card is going to be smart enough to do it for them, she says.
Goldman argues that Wallaby’s intelligent software will be up to that task, and that the card will catch on sooner than new payment technologies.
Wallaby’s card works with existing readers, so merchants don’t have to do anything special to begin accepting it 5 Jul 2012 - Payments startup Wallaby promises to lighten your wallet (in a good way) while beefing up your credit-card rewards points. Many of us have several credit cards that offer rewards like airline and hotel points when we use them for purchases. After a six-month free period, the service costs $50 a year..