Bunq launches spending tracker and Apple Pay services

By Roger Baird on 4th September 2019

Challenger Banks

The digital bank says its new spending tool helps cut customer bills by up to 10 per cent.

Bunq launches spending tracker and Apple Pay services
Image source: Company supplied

Dutch app-only bank bunq has launched a spending tracker, which it says saves customers up to 10 per cent on credit card bills, as well as kicking off its Apple Pay service.  

The bank has introduced bunq Insights, a spending tracker that automatically categorises monthly outgoings of such items as holidays, transport and groceries. 

The firm says prior research shows that consumers who know how much they are spending, are motivated to cut outgoings by as much as 10 per cent.

Bunq chief executive Ali Niknam (pictured) said the new feature means customers “no longer needed to manually create overviews to find what you spend your money on”.

 

Pan-European digital banks

The Amsterdam-based fintech was founded in 2012 by Niknam, a Canadian entrepreneur of Iranian descent. He set up his first business at 16, and in his late 20s founded TransIP, the biggest domain name and web hosting provider in the Netherlands.

He is the sole owner in bunq, investing just under €45m into the venture.

Bunq currently operates across eight European markets: the Netherlands, Germany, Austria, Italy, Spain, France, Belgium and Ireland. It competes against other pan-European digital banks such as London-based Revoult and Berlin-based N26.

The digital bank also introduces Apple Pay for credit and debit card payments for its Dutch customers, which it says offers secure, speedy payments. Each transaction is authorised with a one-time unique dynamic security code.

 

Apple Pay services

Niknam added: “Dutch users can now enable both Maestro and Mastercard cards for Apple Pay. This gives them the freedom to pay with their iPhone or Apple Watch, whenever they want, wherever they go.”

In June, the bank launched a travel card that does not levy mark-up charges or a monthly fee.

The product is a Mastercard that charges standard Mastercard exchange rates, compared to traditional high street banks, which levies 2 to 3 per cent on foreign transactions such as paying for hotels, car rentals or buying petrol.