Former City trader Gary Prince has transitioned from a two-decade-long career in mobile payments to launch Vibe Pay in collaboration with young entrepreneur Luke Massie.
Gary Prince, who has worked with notable firms like Barclays, O2, and Vodafone, is now the managing director of Vibe Pay. This venture aims to simplify payments and eliminate fees for its users.
Vibe Pay, founded in early 2018, leverages changes in open banking legislation that allow regulated businesses to access the UK’s banking infrastructure. Prince expressed his commitment to innovation and customer-focused solutions, emphasising that the firm listens to customer feedback to drive rapid progress.
Prince remarked, “I live and breathe all things payment and my focus is always on the customer’s perspective. The big players are just not geared up to give consumers what they want.” He further elaborated that traditional banks often use complicated terminology to mask their slow pace and lack of innovation.
Luke Massie, Vibe Pay’s CEO, highlighted the challenges faced while integrating third-party payment providers in their previous ventures, which proved costly and inconvenient for users. Massie stated, “The payments market is ripe for disruption. It’s stuck in the dark ages when customers couldn’t choose; they made do with what they were offered. Vibe Pay is revolutionary in that respect.”
According to the UK Card Payments 2017 end-of-year report, nearly 14.5 billion debit card transactions occurred in the UK, with 37 per cent conducted online. Accenture’s Open Banking market report projects that by 2020, 33 per cent of online debit transactions will be direct from customer bank accounts, amounting to 1.75 billion transactions valued at £64.7 billion.
Vibe Pay aims to eliminate debit card fees by enabling real-time, direct bank account payments, which reduces online fraud and improves cash flow for merchants. The UK’s Payments Systems Regulator has also announced a market review into the card acquiring industry due to retailers’ complaints about increasing fees and insufficient competition.
Open Banking, which is gaining global traction, offers consumers the ability to choose their payment providers for the first time. Vibe Pay’s platform may be launched either under its brand or through licensing with in-country partners.
Vibe Pay stands poised to disrupt the payments market by offering a fee-free, customer-centric approach, capitalising on recent legislative changes and addressing longstanding issues in the traditional banking sector.
