Spent’s New Spent Pay to Take on the Majors

May 31, 2018         By: Steven Anderson

These days, I get a little puzzled when I see a new mobile payments platform trying to wedge its way into the market. After all, it’s not like there aren’t plenty of platforms out there already. How can anyone hope to compete in a field that’s so thoroughly packed with not just competitors, but entrenched competitors with market share? Spent may just have the key as it announced its new Spent Pay system.

Spent Pay’s key to landing market share in a glutted market? Two words: “Cash back.” The Spent Pay system not only offers a mobile payments system for both iOS and Android devices, but it also offers a cash-back system for those who pay with e-gift cards. With over 250,000 downloads of the Spent Money system so far–Spent Pay will be added as an extra part of Spent Money–there’s plenty of users in the picture.

With good reason, too; the Spent Money system is actually accepted at several merchants already, including such names as Amazon, Netflix, Starbucks and Walgreens, among a cast of thousands, at last report. Users will apparently need to connect Spent Pay to a bank account, and those who do will be able to take advantage of the automatic cash-back system right away. A set of application programming interfaces (APIs) will follow later this year to help drive further development.

Spent’s CMO Juhana Kotilainen noted “Spent Pay is the kind of innovative thinking that brings online and offline commerce closer together on mobile and adds significant monetary value for the users. Spent is currently growing extremely fast to become the market leader.”

Spent has a couple of advantages here, particularly in its cash back plan and the range of its offerings. With Amazon apparently on board, Spent can be used for just about anything physical, and the addition of services like Netflix only sweetens the pot. It may never get much in the way of users beyond what it’s already got, but does it really need it? With a quarter-million users already in play, give or take, there’s a reasonable market in place.

Spent Money already has a market, and a reasonable proposition to bring in more users. Might it be able to beat Apple Pay and Samsung Pay? That remains to be seen, but Spent Money has a worthwhile plan for moving forward.