The UK’s first digital wealth platform Nutmeg says it is the first digital wealth manager in the UK to offer customers the service.
Nutmeg will allow instant ISA and other investment top-ups via Apple Pay and Google Pay ahead of the new EU regulatory requirement ‘Strong Customer Authentication’ (SCA) rules coming into force on 14 September.
Customers can now add a minimum of £10 or as much £50,000 to their Nutmeg investments via their Apple Pay and/or Google Pay at a (double) click of a button.
The SCA regime, which aims to reduce fraud and make online payments more secure, looks likely to make a significant impact on online European firms. With the new integration, Nutmeg says it will better provide a "more streamlined and secure user experience" when the regulation comes into effect.
In 2018, UK consumers made 708 million payments through Apple Pay or Google Pay, accounting for a greater number of payments than standing orders or cheques.
The trend of app-based payments is set to continue, with this number forecast to triple to 2.4 billion payments by 2028. Nutmeg says it is the first digital wealth manager in the UK to offer customers the ability to contribute to their investments via Apple or Google pay.
“We know customers want their investments to be as tech-enabled and convenient as other aspects of their life, so it’s important to us that we continue to lead the industry by being the first to add new features like Apple Pay and Google Pay.”
“We have more customers logging into the app than the website, as it’s in their pocket and handy to use. Now, we're giving Nutmeg customers the chance to contribute to their investments in just a few taps."