Technology

Meet Kasper Enggaard Krog, CEO of Contactless Payment Solution Provider: Vibrant

Vibrant was founded in 2020 to offer the smallest businesses an easier way to accept contactless payments. It has developed an app that allows merchants to receive payment straight to their mobile device. No bulky contactless reader is required and fees are low and transparent at 1.39 percent for all card transactions.

In addition, there is no commitment period and payments are displayed immediately. There are also no monthly costs for customers. The company is based in Aarhus and has a partnership with Visa.

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How did you come up with the idea for the company?

Making and receiving a contactless payment should be easy. But it isn’t – especially for micro-enterprises. This often meant expensive ongoing fees, slow billing, heavy administration, and required an upfront investment in cumbersome and foundational technology. Alternatively, small businesses could send customers to the nearest ATM never to be seen again.

Vibrant wanted to change that and create a world where payments are a breeze. It’s perfect for market stalls, car washes, hairdressers – any small business that wants the benefits of contactless payments but not the hassle.

How has the company performed during the pandemic?

The pandemic has changed everything. It forced merchants to reconsider their reluctance to accept card payments. There are two reasons behind this. First, there has been an explosion of people shopping where they live. As lockdowns prevailed across Europe, it became difficult to reach larger retailers. Local merchants of all kinds became a lifeline.

This led to the second factor, contactless payment was considered more secure than using cards or cash. The overall impact of more shoppers and the risk of infection led to a boom in contactless payments. In fact, the number of purchases made using contactless technology in May 2021 has doubled compared to the same month last year.

This led to a higher demand for simple contactless payment solutions than ever before. Almost everyone has a smartphone, and Vibrant has developed a way to receive payments right on the phone. It’s pretty easy.

What can we expect from Vibrant in the future?

The technology is currently available to companies in Cyprus, Denmark, Greece and Spain. Vibrant plans to expand across Europe and is seeing tremendous growth in merchant adoption. It’s the future of contactless payment.

There are also plans to expand beyond payments. The company will develop a way for merchants to access their entire store from their phone. Vibrant will also support strong bonds between merchants and buyers by creating a consumer app with loyalty programs and rewards.

https://techround.co.uk/interviews/meet-kasper-enggaard-krog-vibrant/?utm_source=rss&utm_medium=rss&utm_campaign=meet-kasper-enggaard-krog-vibrant Meet Kasper Enggaard Krog, CEO of Contactless Payment Solution Provider: Vibrant

Fry Electronics Team

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