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In a bid to make it easier for consumers to pay myriad credit card bills each month, a startup called Fyncr Inc. on Thursday launched a bill-payment app that allows users to aggregate and pay their credit card bills in one application.
With the Fyncr app, credit card holders can pay all their credit cards from any bank account, eliminating the need to pay card issuers online through their respective Web sites or apps. Consumers can earn rewards points for every payment initiated through the app, as well as securely store and view their credit cards.
Fyncr allows users to set up an autopay feature to pay the minimum amount due, a custom amount, or the total due, as well as plan payments from chosen payment sources. The app is programmed to send alerts when a bill is due and indicate how much the user can save in interest charges by paying on time and in full.
The app has proven popular with consumers during a pilot stage, amassing more than 20,000 downloads in less than two months, according to Fyncr, which was founded last year.
“The idea is to alter the culture of late payments and fees, [a] depleting credit score, and the hassle of paying bills,” said Fyncr chief executive and founder Sahil Kumar, in a prepared statement. “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.”
To induce consumers to use the app, cardholders earn one FYX reward point for every dollar paid. Points can be redeemed within the app for deals, discounts, and freebies from more than 500 brands. Rewards fall into such product categories as electronics, food, restaurants, fashion, beauty, retail, travel, financial, and health care. Users also receive FYX points when they open a Fyncr account.
Data security will play a big part in the company’s strategy in marketing the new app, which is PCI DSS-certified and uses bank-grade encryption, the company says. In addition, the app never stores bank and credit card data. To enhance the perception of security, Fyncr has partnered with card networks Visa Inc., Mastercard Inc., Discover Network, and American Express Co., as well as financial-services companies such as open-banking platform provider Plaid Inc., data aggregator Yodlee, Inc., and the credit bureau Equifax Inc.
“Our top priority as a fintech company is to ensure the safety of our customers’ data,” says Sahil. “Fyncr is built from the ground up with customer experience, design, and security at its very core. We worked with experts every step of the way to make sure every click, tap, or swipe was intuitive and simple.”
