Merchants using white-labeled wallets now face reduced fees, announced by Ansa.
In the rapidly evolving world of payments, a new player has emerged, aiming to simplify the complexities of transactions for merchants and enhance customer loyalty. Sophia Goldberg, a fintech professional, and JT Cho, a former Affirm software engineer, developed Ansa, a white-labeled wallet product designed to be seamlessly integrated into various apps.
Goldberg's ethos is that payments are a utility for commerce, existing to support growing industries and new ways to pay. By offering a white-labeled solution, brands can focus on their products and customer experience, while Ansa manages the intricate payments infrastructure.
One of the first merchants to adopt Ansa's wallet was Red Bay Coffee, who eliminated transaction fees for their customers by integrating the wallet into their order-ahead app eight months ago. This move not only saved customers money but also allowed them to hold balances for daily purchases, fostering increased frequency and revenue per loyal customer.
The implementation of Ansa's wallet has resulted in significant cost savings for some of their customers, amounting to a 50% reduction in fees. Ansa has launched with several other customers, although the exact number remains undisclosed.
Goldberg believes that payment cards are not the best option for merchants with habitual use and low transaction value, such as coffee chains and quick-service restaurants. Instead, payments tools should be built for specific use cases, tailored to the needs of the industry.
This approach has resonated with merchants, some of whom have already launched their own wallets, such as Starbucks and Uber. However, Ansa's white-labeled wallets make the process more accessible and faster, allowing merchants to reap the benefits without the extensive development time and resources usually required.
Initially, the cost-saving impetus was the primary driver for brands to launch a wallet with Ansa. However, the revenue impact has since overshadowed this, with Ansa's wallet proving to be a valuable retention tool rather than just a cost-saving measure.
The company that acquired the license for Ansa's wallet product is MyWallet GmbH. As Ansa continues to grow and expand, it is poised to revolutionise the payments landscape for merchants, offering a streamlined, cost-effective, and customer-focused solution.
