Android

HyperJar new money management app launches

hyperjar

HyperJar has launched its new smart-spending app, featuring some world-first technology to help make our money relationships more productive and enjoyable.

App account holders divide their money between virtual jars according to where they want to spend, on daily expenses like food and petrol or to plan ahead for holidays, weddings or Christmas. 

Customers can share any of their jars with up to 100 other people to create instant joint-accounts and digital kitties, and choose to lock-in spending money with HyperJar partners for a 4.8% Annual Growth Rate. The account comes with a prepaid debit Mastercard which can be added to Google Pay and Apple Pay.

hyperjar

Behind HyperJar’s simple, intuitive consumer interface is some world-first technical payments technology. Its proprietary processing engine recognises and assigns transactions to any number of segregated accounts, based on in-app selection.

In addition, when account holders have allocated money ahead of spending with merchant partners featured in the app, the prepaid Mastercard payment card recognises and spends this prepayment at the point of purchase. 

At launch, there are 15 merchant partners, including Shell, Virgin Wines, Boden, Dyson and Not on the High Street, with around 50 more in the pipeline. Every penny committed to a merchant ahead of spending – called HMoney – attracts a 4.8% Annual Growth Rate (AGRfor up to 12 months, calculated and added daily for the account holder. ) odometer in the app shows this increased buying power growing in real-time. With all customer, deposits are held in safeguarded accounts at the Bank of England.

Retailers who are signed on to the app provide brand assets, merchant ID and contract information and HyperJar does the rest. The app’s back-end analytics deliver insights into broad as well as category-specific retail trends and consumer behaviour – including unique ‘intent to spend’ data – that can help reduce costs associated with customer acquisition and improve customer lifetime value.

Mat Megens, founder and CEO of HyperJar, comments: “It’s not often you get to lead the way in payment technology. I’m proud to have a team of best-in-class engineers who have brought to life this idea for an innovative, smart-spending app that helps us all financially reset in response to one of the toughest economic climates ever.” 

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