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By Matthew_Cargo
Published on 13th January, 2020
TransactPay is proud to announce its involvement with the new multi-currency debit card from sync. The exciting product pushes the boundaries of innovation in the payments industry to deliver improved security for consumers. The card is part of sync.’s all-in-one hub that changes the payments landscape.
sync. allow users to open a sync. account in minutes and link all existing bank accounts and cards. This unique experience will allow users to synchronise all of their financial accounts (bank, credit, loan and mortgage accounts) in one app, providing them with a simple, fast and secure way of managing their finances, getting personalised insights into their spending, and receiving meaningful rewards and tailored financial solutions.
Ricky Lee, CEO and founder of sync., comments: “Everyone should have quick, easy and universal access to cost-effective banking services. With the sync. debit card and app, we’re aiming to make this ambition a reality for millions of people across Europe.”
TransactPay and Mastercard – who will power the sync. card, allowing cardholders to spend anywhere in the world where Mastercard is accepted – have worked very closely with sync. to create a card focused on safety. The security features on the back of the sync. debit card are hidden behind the company’s distinctive black and fluorescent yellow ‘designer’ branding. The magnetic strip is invisible and a unique CVC number is generated via the app. Many features – including ATM withdrawals, contactless, swipe, and international or online payments functionalities – can also be turned on and off via the app, making it one of the most secure debit cards on the market.
Its multi-currency functionality means cardholders can use it to spend in more than 30 different currencies without incurring costly foreign exchange (FX) transaction fees every time they make a purchase. All they have to do is open a sync. account in the currency of their choice via the app, transfer funds into it and start spending.
The app and card will be available to any European Economic Area residents in the future. Interested parties can now subscribe to be one of the first to hold a sync. card at www.sync.money.
“sync. stands for transparency and inclusion. This means that everyone should be able to be in control of their finances, everyone should be able to send money home without the burden of unreasonably high fees, and everyone should be able to get financial services without unrelated requirements in order to get a good credit score,” Lee comments. “As a new solution-driven company, the support of Mastercard has allowed us to push the boundaries to help us create a new way of banking, which we don’t think would be possible without their amazing partnership.”
This is the first time that Mastercard has given the green light for a designer card with invisible security features to be issued as part of its scheme. Noel Smith, Business Development Director at TransactPay, which is a member of the Mastercard payment scheme, says: “We’re hugely excited about being part of this project, which really pushes the boundaries in terms of what’s possible with today’s card technology, while remaining compliant and keeping users safe.”
“sync. is an exciting new fintech with an innovative and unique product, offering a one-stop option for consumer’s busy lives and taking the hassle out of banking,” said Scott Abrahams, senior vice president, business development for Mastercard in the UK and Ireland. “Mastercard is the partner of choice for over 90% of fintech’s worldwide, and with sync. we are delighted to be working with the next generation of neo-banks looking to bring further innovation to the market. They are certainly one to watch in 2020 and beyond.”
sync. has created a quick and easy onboarding process for new customers. A new card can be ordered via the app, which creates a sync. account for users following a secure online ID verification process, which includes video verification and criminal checks and can be completed within minutes.
Every new card comes with an additional unregistered card, which cardholders can use for a different purpose – work expenses or spending in a different currency, for example – or they can share it with a family member or friend. The additional card can be managed via the app. Functionality includes putting limits on spending and where the card can be used. Cardholders can also activate two virtual cards for free.
To be one of the first to receive the sync. card and access to the app, sign up at sync.money/pre-order
ABOUT sync.
sync. is looking to lead the way in Open Banking in the UK and Europe. We allow users to open a current GBP and/or EUR account in minutes and we provide them with the ability to open 30-plus other currency accounts. Users are able to exchange currencies between their accounts and transfer money worldwide at unbeatable rates. Sync.’s USP is to allow users to synchronise all of their financial accounts (bank, credit, loan and mortgage accounts) in one app, as one experience by utilising Open Banking. By enabling them to budget, manage and track all of their accounts and expenses in one place, we offer our customers an unrivalled user experience. Our mission is to make banking beautiful and to bring simplicity to our customers’ lives.