Video conferencing and streaming shows aren’t the only things getting a boost because of the COVID-19 pandemic. Turns out so are digital payments.
At least at Mezu, the privacy-focused payment app that launched in 2017. Since millions of people have been sheltering at home, the app has seen a 60% uptick in downloads and is on track to hit one million downloads by the end of the current quarter.
“People are generally conservative with their money and now suddenly they can’t exchange physical cash and can’t take out their credit cards,” said Mezu CEO and co-founder Yuval Brisker. “They are looking at different ways to pay other people.”
Likening itself to Zoom Video Communications, the video conferencing app that was made hugely popular because of the pandemic, Brisker said Mezu is trying to stand out from rival payment apps by making it easy to use, free to send and receive money, and conduct instant withdrawals, something the likes of PayPal PYPL and Venmo don’t offer. The fintech makes money off the interchange fees when customers use its Mastercard MA debit card. The startup has raised $17 million in venture funding from Draper Triangle Ventures, Draper Associates, JumpStart Inc, and the Ohio Innovation Fund.