Fintech Gains Favor Among Teens

However, the findings also show that financial technology is making inroads in young people’s lives, Junior Achievement USA and Alliance Data, …
(Photo: Getty)

The vast majority of American teenagers still rely on cash when receiving money from their parents or guardians and when making purchases, according to a recent survey.

However, the findings also show that financial technology is making inroads in young people’s lives, Junior Achievement USA and Alliance Data, which provides data-driven marketing and loyalty solutions, reported Monday.

The study’s release comes two days before National Financial Awareness Day.

Wakefield Research conducted the online survey in mid-July among 1,000 U.S. teenagers between the ages of 13 and 18.

Twenty-six percent of the teenage respondents who said they received money from parents or guardians reported that it was wired into their bank account. Twenty-three percent said they used their parent’s or caregiver’s credit card to make online purchases.

Only one in 10 used financial apps, such as Apple Pay or Venmo, to receive money or purchase items.

Despite cash’s continued dominance in teen lives, 48% of those surveyed reported that they used mobile or online apps to manage their money, including for budgeting and planning purposes.

The survey found that 17% of teens had never been inside a physical bank, and 34% did not have a bank account. Of those who did have one, 35% said they had gotten it at age 12 or younger.

In addition, 62% of those with a bank account had a debit card, but only 18% used a checkbook.

Seventy-one percent of surveyed teenagers expressed concern about their credit score, while 44% were concerned about future student loan debt — with good reason.

“These survey results show that today’s teens are very much aware of the need to effectively manage money and that for many, technology is being used as a tool to achieve that, even when teens are working with cash,” Jack Kosakowski, president and chief executive of Junior Achievement USA.

“It’s encouraging to see that today’s young people are being proactive in how they view money and are using resources at their disposal to become better stewards of their financial futures.”

Related Posts:

  • No Related Posts

How do I buy OmiseGo using a credit card?

… services than traditional banking services to both the markets and those using banks. The project has heavyweights Vitalik Buterin and Gavin Wood …

What is OmiseGo?

“Unbank the banked” is the mission statement of the open payment platform. OmiseGo was launched as an initial coin offering (ICO) in 2017 with the intention of offering better financial services than traditional banking services to both the markets and those using banks. The project has heavyweights Vitalik Buterin and Gavin Wood from Ethereum as advisors.

How to create a OmiseGo wallet

Sign up for a free Coindirect account and you will automatically get a free OmiseGo online wallet. You can use your OmiseGo wallet to buy, sell, store, send (withdraw) and receive (deposit) OMG.

How to create a OmiseGo address

Once you have signed up for a free Coindirect account all you need to do is press the ‘Receive’ button to reveal your Coindirect OmiseGo wallet address.

How to buy OmiseGo with a credit card

  1. Sign up for a free Coindirect account.Buy OmiseGo online using a credit card
  2. Find your OmiseGo Wallet and click the ‘Buy’ button in your OmiseGo Wallet.Buy OmiseGo (OMG) online using a credit card
  3. Select “New VISA Card (EUR)” or “New credit card (NGN)” if you are in Nigeria.Buy OmiseGo (OMG) online using a credit card
  4. Enter EUR value of OmiseGo you want to purchase (more than the minimum limit) or the OmiseGo amount you want to buy and then click ‘Preview Buy’.Buy OmiseGo (OMG) online using a credit card
  5. You will receive a quote, press ‘confirm’ before the timer runs out (counts down from 55 seconds).Buy OmiseGo (OMG) online using a credit card
  6. Type in your credit card details and pay.Buy omisego online using a credit card
  7. You will be taken to a page to verify your transaction.Buy omg online using a credit card
  8. Finally, you will be redirected back to your Coindirect Wallet once the payment is successful.

How do I purchase OmiseGo from my bank account?

If you are in South Africa or in Europe in a SEPA country you can deposit ZAR and EUR into your Coindirect ZAR Wallet or Euro Wallet respectively.

To fund your account you have to transfer money using bank transfers. To get the funding instructions so that your account is credited:

  1. Go to your ZAR/EUR wallet and click the “Fund now” button. Alternatively, click the Fund tab in your Coindirect wallet and click on “Transfer Now”.
  2. Select the bank to transfer to from the drop-down menu to get payment details and the reference you should use (highlighted in blue).
  3. Transfer the money from your bank account into the account shown on the screen then wait for the bank transfer to be processed (0-3 business days depending on the bank).
  4. Once the funds reflect in your ZAR wallet, go to your OmiseGo wallet and click “Buy” and select “Wallet (ZAR)” or “Wallet (EUR)” as you payment method.

Where can I sell my OmiseGo?

You can sell OmiseGo from your Coindirect wallet by clicking the ‘Sell’ button in your OmiseGo wallet.

If you are in a SEPA region or South Africa. You can sell your OmiseGo and instantly get money transferred to your Wallet (ZAR or EUR).



If you are in another region with no local currency wallet. You can sell your OmiseGo by creating a sell offer on the marketplace.

You now know how to buy OmiseGo instantly from almost anywhere in the world. Make sure to download the Coindirect App to trade OmiseGo from the palm of your hands.

Credit card limits

Please note that Coindirect has limits for credit card purchases in place.

Make sure that your account is verified so that your credit card purchase limits are increased.

Currently, the limits for credit card purchases are:

Unverified users – €175 – €500

Verified users – €890 – €1000

Earn Ripple

Invite your friends to buy OmiseGo using a credit card and you can earn Ripple. Simply share a link to them to start trading through the Earn tab and you will both receive 5 XRP each when they perform their first transaction.

Related Posts:

  • No Related Posts

Apple, Citi, JPMorgan, BofA are Against Bitcoin Purchases

Apple, Citi, JPMorgan, BofA are Against Bitcoin Purchases … Also, Gemini cryptocurrency exchange only accepts clients to fund their accounts via …
Aug 10, 2019 at 12:26 // News
Author

Coin Idol

 Apple rolled out a new card providing customers 3% cash-back (discount) on products and services bought directly from Apple.

Several credit card firms have started forbidding Bitcoin and cryptocurrency purchases with various decent reasons. This very week, Apple Inc. in collaboration with two American multinationals financial services firms Mastercard Incorporated and Goldman Sachs Group, officially rolled out a new card providing customers 3% cash-back (discount) on products and services bought directly from Apple, and 2% discount on any products bought using Apple Pay – Apple’s electronic wallet service – and 1% on other related transactions.

Even though Apple Card has no yearly fees or other related transaction fees, it carries some fine print. Particularly, Apple’s credit card may not be in any way applied for cash advances or equivalents, and this ban takes account of cryptocurrencies such as Bitcoin (BTC), as revealed by the customer agreement published on Goldman Sachs’ official website.

Security First

In banning card purchases of digital currencies, Apple is being supported by other issuers and providers of credit cards including Citigroup Inc. based in New York City, JPMorgan Chase & Co. with its headquarters in NY, Bank of America (BofA) based in North Carolina and Capital One Financial Corporation based in Virginia. Credit card issuers seemingly don’t view cryptocurrencies including Bitcoin as digital gold, or a durable investment, just as a wide number of cryptoasset collectors do.

From February last year, all these four multinational financial services giants have prohibited their clients from purchasing cryptocurrencies including BTC using their cards on major virtual asset exchanges such as Coinbase. Another American financial services firm based in California Wells Fargo & Company, also barred its customers from buying digital assets using their credit cards since June last year. Also, Gemini cryptocurrency exchange only accepts clients to fund their accounts via bank, wire transfers or digital currency deposits.

The attempt of financial institutions to ban customers from making purchases using cryptocurrency may be attributed to security matters and the volatile nature of Bitcoin. Credit cards further have the risk of default. In addition, several credit card firms have tried to stop customers from participating in gambling and buying stocks in order to prevent compulsive behaviors that could cause financial disintegration.

Related Posts:

  • No Related Posts

Verrency and Coinify partnership a ‘game changer’

By partnering with Coinify, Verrency is now able to enable banks to offer their customers virtual currency and token usage.” And the use of existing …

Verrency and Coinify are teaming up to enable customers to spend virtual currency via banks’ existing payment cards.

Consequently, banks can offer customers the ability to use virtual currency at any merchant.

Specifically, the partnership empowers banks utilising Verrency’s middleware platform to integrate virtual currency funding sources and digital wallets. Moreover they can do so within their existing payments rails.

At the same time, it avoids the need for customers to use specially issued prepaid or debit cards.

Instead, customers can make payments anywhere using virtual currency via existing payments products, including their physical cards and digital wallets.

The service uses Verrency’s high-performance value-added payments technology layer. And so a bank can route payments to different funding sources authorised by the bank. This includes custodial or non-custodial wallet containing digital assets.

Coinify supports the selection and connection of the wallet infrastructure, which may be either internal or external to the bank.

Verrency and Coinify partnership a ‘game changer’

Verrency CEO David Link says that the partnership is a game changer. In particular, it will increase the utility of token-based assets among major financial institutions.

“Virtual currencies are transitioning in the next few years from being speculative investments into a smaller number of mainstream assets.

“This will see more government or fiat-backed stable tokens, or even tokens simply as a payment element. So it is critical that banks have the technology in place to actually allow the usage of such virtual assets.”

He adds that it is crucial that this runs across bank’s consumer-centred legacy payments rails. Mainstream usage of tokens or virtual assets will not occur by connecting the merchant-side of the equation.

“It simply will take too long to achieve ubiquity, without which there will be no significant usage. By partnering with Coinify, Verrency is now able to enable banks to offer their customers virtual currency and token usage.”

And the use of existing debit and credit cards means that banks avoid costly infrastructure overhaul.

Verrency capital raising

Payment innovation fintech Verrency is headquartered in Melbourne.

Verrency’s API platform provides an overlay to legacy infrastructure. This enables banks to upgrade their customer offerings with digital services including auto-rounding, real-time budgeting notifications and instant loyalty rewards.

In June, Verrency raised A$10m in funding ahead of planned international expansion.

Verrency clients include Emirates NBD and Australian digital challenger Volt.

Virtual currency payment provider Coinify is headquartered in Denmark.

2e83c1df591eac268536f94801809666f6703c8f - Verrency and Coinify enable virtual currency spend at any merchant

Related Posts:

  • No Related Posts

Verrency and Coinify Partner to Enable Bank Customers to Spend Virtual Currency at Any …

Global payment innovation leader Verrency, and Coinify, a leading virtual currency payment provider, have today announced a new partnership …

MELBOURNE, Australia and COPENHAGEN, Denmark–(BUSINESS WIRE)–Aug 8, 2019–

Global payment innovation leader Verrency, and Coinify, a leading virtual currency payment provider, have today announced a new partnership enabling banks to securely offer their customers the ability to use virtual currency for payments at any merchant around the world.

The partnership will empower banks utilising Verrency’s middleware platform to integrate virtual currency funding sources and digital wallets with their existing payments rails, without the need for customers to use specially issued prepaid or debit cards. Instead, banks can offer their customers the ability to make payments anywhere using virtual currency via their existing payments products, such as their physical cards and digital wallets.

The service works by using Verrency’s high-performance value-added payments technology layer to enable a bank to easily route payments to different funding sources authorised by the bank, such as a custodial or non-custodial wallet containing digital assets. Coinify supports the selection and connection of the wallet infrastructure, which may be either internal or external to the bank.

Verrency CEO David Link, who was also appointed as an advisor to Ripple in early 2016, said the partnership is a gamechanger for the beginning of increased utility of token-based assets among major financial institutions.

“The rapid growth in consumer interest and ownership of virtual currency assets and the rise of virtual trust technologies has been a key trend for the payments sector as a whole over the last decade,” Mr Link said. “As virtual currencies transition in the next few years from being speculative investments into a smaller number of mainstream assets – which will see more government or fiat-backed stable tokens, or even tokens simply as a payment element – it is critical that banks have the technology in place to actually allow the usage of such virtual assets across their existing consumer-centered legacy payments rails. Mainstream usage of tokens or virtual assets will not occur by connecting the merchant-side of the equation – it simply will take too long to achieve ubiquity, without which there will be no significant usage.”

“By partnering with Coinify, Verrency is now able to enable banks to offer their customers virtual currency and token usage via their existing debit and credit cards without engaging in a costly infrastructure overhaul.”

“Coinify is honoured to partner with Verrency and connect our two platforms, which holds a huge potential for crypto adoption” said Mark Højgaard, co-founder and CEO of Coinify. “Verrency’s platform that can easily integrate third parties with the existing banking payments infrastructure is a potential breakthrough for the future space of digital currency and mainstream token usage, where established technology titans, such as Facebook’s Libra project, are beginning to explore the possibilities.”

Verrency’s platform is a high-performance bank-grade technology layer and API platform that fits on top of a processor’s, bank’s or digital wallet’s existing infrastructure, enabling them to rapidly deliver enhanced services and products around the moment of payment without changing their existing technology.

The partnership sees Coinify join Verrency’s V+ partner ecosystem, which facilitates collaboration with Fintechs and enables a nearly endless set of hyper-personalizable services including redemption of rewards, facilitation of disbursements, rounding up of payments to savings or charitable destinations, access to installment credit at point of sale, facilitation of ‘real-time’ sandbox environments, and many more.

This announcement comes as Facebook’s proposed virtual currency, Libra, has reinvigorated discussion around the potential for virtual currencies and fiat-backed tokens to become a more mainstream part of global payments infrastructure.

About Verrency

Verrency empowers banks and other financial institutions to quickly, cost-effectively and reliably deliver innovative new products and services to consumers and business partners around their most important interaction – the moment of payment. Verrency’s high-performance bank-grade technology layer works behind the scenes to enable a nearly endless range of value-added services for a bank’s customers quickly and easily without major changes to existing payments infrastructure or the need to integrate to point-of-sale systems. Verrency also enables rapid connection to third-party services via its FinTech ecosystem with little to no integration. For more information, see www.verrency.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190808005279/en/

CONTACT: For More Information:Verrency Danya Al-Qattan

Sard Verbinnen & Co

Dal-Qattan@sardverb.com

+1 212 687 8080Ron Low

Sard Verbinnen & Co

Rlow@sardverb.com

+852 3842 2200Jonathan Costello

GRACosway

JCostello@gracosway.com.au

+61 424 096 770

KEYWORD: EUROPE AUSTRALIA AUSTRALIA/OCEANIA DENMARK

INDUSTRY KEYWORD: TECHNOLOGY FINANCE BANKING PROFESSIONAL SERVICES SOFTWARE RETAIL ONLINE RETAIL

SOURCE: Verrency

Copyright Business Wire 2019.

PUB: 08/08/2019 03:00 AM/DISC: 08/08/2019 03:01 AM

http://www.businesswire.com/news/home/20190808005279/en

Related Posts:

  • No Related Posts