Originally planning to introduce borderless credit cards, the fintech company Snowfoll prioritized credit card bill payment and management, learning from their interactions with US customers.
BOSTON, MA / ACCESSWIRE / October 26, 2023 / With more than 600 million credit cards in circulation and $1T debt on cards, managing credit card debt is a massive challenge waiting to be solved. On average, Americans carry four credit cards and one-third of them cite “I forgot to pay” as a top reason for late payments on their credit card bills. The increasing number of cards results in a laborious task of monitoring and settling balances across various banking apps and websites, leading to late or missed payments and eventually having unintended negative impact on credit scores or late charges.
In response to these challenges, the company Snowfoll is launching SnowPay – one platform to manage and pay all credit card bills with rewards, designed to give a holistic view of all debt and streamline credit card bill payments for US users. All without providing card numbers or login credentials to protect consumers private information and for data security.
SnowPay’s innovative solution addresses this problem by offering users the ability to:
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Add All Credit Cards with a Phone Number: Users can seamlessly link all or most of their credit cards using their phone number without sharing card numbers or logins.
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Track Balances and Transactions: The platform provides a comprehensive overview of balances and transactions across all linked credit cards.
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Simplify Bill Payments: Users can conveniently pay all their credit card bills using their existing bank accounts in one go, reducing the risk of late payments.
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Earn Rewards: Snowfoll’s system offers Reward Points every time users pay their card bills, redeemable for up to 10% discount or cashback across 10,000 retail partners.
To fund its rewards program without sharing users’ data with the retailers, Snowfoll has established strategic partnerships with over 10,000 retailers, covering broad categories, such as grocery stores, pharmacies, apparel retailers, restaurants, and more.
The company doesn’t store or ask for a user’s card number or login data. It uses 256-bit encryption to safeguard users’ data and works with established technology partners to offer bank-level security.
The company has initially launched the platform to private beta users and is planning to make it available to the general public next.
Founders, Atul Savalia and Nachi Muthukumar, bring combined 40+ years of deep understanding of both credit and tech worlds. With SnowPay, their goal is to foster financial well-being through streamlined credit management, savings, and a rewarding experience, while keeping user data security as the priority. To learn more about SnowPay and its innovative credit management platform, visit snowfoll.com.
Contact Information:
Name: Atul Savalia
Company: Snowfoll
Address: Boston, MA
Website: www.snowfoll.com
Email: [email protected]
SOURCE: Snowfoll
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