DiviPay launches mobile shared accounts with virtual Mastercard
28 June, 2017 Sydney, Australia: DiviPay an Australian fintech startup has launched a mobile app that allows groups to split the cost of any transaction. DiviPay issues each group their own unique virtual card which can be used to split the cost of a purchase both online and instore.
The ability to pay as a group means no one has to cover the cost and hassle their friends for repayment, rather the payment is split between the group members in real time. Each person in the group can simply and easily pay their share of the total bill eliminating the need for an IOU, ATM or bank transfer. Everyone walks away knowing they paid their fair share and not feeling the pressure of owing money, or worst, having to try and recover it.
“Through our customer research we found that as time elapses so does the likelihood of recovering the funds. The owing party becomes more averse to repaying their debt as the utility of the transaction declines, simply they can no longer associate the cost of a purchase to the tangible benefit they received weeks or months earlier. Coupled with the fact that we can now hide awkward conversations about recovering money behind technology it is to no surprise that the average Australian is owed $707, with only a 50% chance of ever recovering the funds. DiviPay alleviates this pain point allowing groups to pay together at the point of purchase.” Says Founder and CEO Daniel Kniaz
Groups can be created for both single, or reoccurring purchases. From download to splitting costs with friends takes less than 60 seconds. A user downloads the app, links their card or bank account to the platform, creates a group and invites friends via their phones contact list, adds their portion of the expense to the virtual card, when the card is fully loaded with each person’s contribution the users can pay with the virtual card by tapping their phone on the payment terminal or entering the virtual card numbers at an online checkout.
“After running a pilot we discovered our most prolific user group were ‘young couples’ those not quite ready to commit to a traditional joint bank account but have a lot of shared expenses” says Daniel
DiviPay differentiates from its competitors by facilitating the split payment in real time and also through their use of virtual card technology, allowing their solution to be accepted anytime, anywhere. “Traditional bill splitting applications have been limited to Point of Sale integration with the merchant. By using a virtual card, groups can make payments to any merchant both instore and online. This creates complete ubiquity and as a result our users can split purchases as varied as groceries with housemates, dinner with friends and flights and accommodation for upcoming trips” says Daniel.
DiviPay has launched their online only component and is set to release their mobile payments capability later this year, allowing customer to make split payments in-store via NFC technology embedded within the user’s phone.