Fyncr Unveils Credit Card Bill Payments App

Fyncr on Thursday (Feb. 10) released what it’s calling “the first all-in-one-card bill payment mobile

Fyncr on Thursday (Feb. 10) released what it’s calling “the first all-in-one-card bill payment mobile application” in the U.S., noting in the company announcement that it’s focused on helping people manage their credit cards, save more money and spend smarter.

In the announcement, Fyncr touts itself as “the only platform that allows every credit card owner to securely store, view and pay all their credit cards from any bank account.” Additionally, users can earn reward points, called FYX, and access deals, discounts and free items from more than 500 brands in the app.

Through Fyncr’s automated payment system, customers don’t need to use different banking apps to pay their credit card bills on time, which in turn will increase their credit scores and ease their financial burdens.

Fyncr relies on experts from Accenture, Dell, Publicis and others to distill tech and FinTech wisdom. The company has raised $3 million from entrepreneurs, angel investors and small investment company owners, according to the release, and the app has been downloaded more than 20,000 times since its release two months ago.

“We aim to revolutionize the bill payment experience and transform it into a rewarding one, giving the customers the financial freedom to do the things that they care about,” Fyncr founder and CEO Sahil Kumar said in the announcement. “The idea is to alter the culture of late payments and fees, depleting credit score and the hassle of paying bills.

“We also believe we have a social responsibility to reduce the credit card debt that has been haunting the U.S. market, by motivating users to pay back early, pay back more and enjoy more rewards.”

Meanwhile, Bank of America’s 67 million consumer clients made $335 billion in total payments in January, up 17% from January 2021 and the second-highest month of spending on record.

Related: Bank of America Consumer Payments Up 17% in January to $335B

BofA consumers made a record $3.8 trillion in payments during 2021, up 24% from 2019, marking a record four straight quarters of payments of more than $1 trillion. The 2021 total was highlighted by record spending during the holiday shopping season in November and December.

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NEW PYMNTS DATA: 70% OF BNPL USERS WOULD USE BANK INSTALLMENT OPTIONS, IF AVAILABLE

About: Seventy percent of BNPL users say they’d rather use installment plans offered by their banks — if only they were made available. PYMNTS’ Banking On Buy Now, Pay Later: Installment Payments And FIs’ Untapped Opportunity, surveyed more than 2,200 U.S. consumers to better understand how consumers view banks as BNPL providers in a sea of BNPL pure-plays.

https://www.pymnts.com/news/payment-methods/2022/fyncr-unveils-credit-card-bill-payments-mobile-app/