Who doesn’t love credit cards? I mean, with one of those bad boys in hand, I feel like I’m rich and can buy anything my heart desires – at least until the bill comes in at the end of the month. Realizing the public’s obsession for charging things they simply can’t live without, recently startup company Wallaby Financial, revealed that it’s hard at work developing a cloud-based wallet that will seamlessly integrate rewards, points, airline miles, and other benefits consumers typically see more of when charging things.
Receiving approximately $1.1 million from investors including Founders Fund Angel, WI Harper Group, SLP Ventures, Lion Wells Capital and other individual investors, the company’s product differs from other currently on the market in that it is universal and is an actual, physical card. This means that it can be used to buy virtually everything under the sun.
Spearheading the next-generation offering is Wallaby CEO Matthew Goldman (News - Alert) who over the years of business-related traveling realized he needed a solution that he could use to leverage the amount of airline miles and other points he was continuously accruing.
”The average American consumer has three-and-half credit cards, not even including store credit cards, and most of those cards carry some form of rewards,” Goldman revealed in a recent article. “And most of those programs can be rather complicated and are becoming increasingly so.”
While a majority of programs at this time have limits and restrictions, Wallaby’s solution is touted as a cloud-based digital wallet that people can carry and use just like any credit card in all stores it is accepted. The one difference being this extra special card is linked to everything else the consumer has and points or rewards can be used in the way in which they prefer. Even better, the routing is completed in almost real-time.
In related news, just today Google (News - Alert) Wallet product managers revealed they will now be powering I.D. verification, allowing users to check in for a flight without delay, download virtual boarding passes, and even keep their driver’s license on their mobile phone.
Additionally, the offering will send shoppers coupons and real-time offers from nearby stores in hopes of promoting the download of the app.
“It offers compelling convenience for consumers and retailers,” said Ben Woolsey, spokesman for credit-card comparison site CreditCards.com, in a statement.
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Edited by Allison Boccamazzo