The pandemic has made paying cash at bricks-and-mortar merchants a thing of the past. More than ever, American consumers are embracing the use of tap-and-go debit or credit cards and mobile wallets.  But while contactless payment methods are the way forward in the new normal, finding a provider that offers cost-effective and secure access to these services is difficult.

Powered by blockchain, Figure Pay is ideal for those looking to take advantage of highly secured technology minus the expensive fees. By offering a range of thoughtful banking and credit services, Figure Pay can support members to get on top of their finances too.

How Figure Pay Works

Figure Pay is a banking and payments app that can be easily managed from a mobile device. Members can make and receive payments from other Figure Pay account holders, take out installment loans, and earn rewards — all through a single Figure platform.

Figure Pay isn’t a bank but partners with UMB Bank. Funds deposited into your Figure Pay account are kept at UMB and are insured up to the maximum FDIC limit. You can order a Figure Pay Prepaid Visa Debit Card — at no cost to you — so you can withdraw funds from ATMs or pay for purchases at participating merchants across the country. To get your prepaid debit card, simply login to your Figure Pay account and order it from the intuitively designed dashboard.

Figure Pay offers an opportunity to buy on credit too — apply for a Figure Pay Credit Loan, then use the amount you’re approved for to make purchases using the Figure Pay card.

Now that we’ve covered how Figure Pay works, let’s take a closer look at five ways in which Figure Pay can help your finances go further.

1. No fees

Unlike traditional banking service providers, Figure Pay doesn’t charge fees. You can have an account, withdraw money, make purchases, or transfer money for free. There are no minimum account balances you have to maintain either and this gives you freedom to use as much of your money as you need to each month without worrying about being penalized.

It’s important to note that if you use your card to withdraw cash at an out of network ATM, you may be charged a fee by a third-party — but don’t worry, there are 55,000 in–network ATMs nationwide.

2. Financing without surprises

A Figure Pay Credit Loan provides the convenience of a credit card or an overdraft — without the risk of incurring high interest and fees that often accompany those products. It allows you to unlock credit quickly and have peace of mind knowing you can afford a purchase on a payment plan.

A Figure Pay Credit Loan is essentially a buy now, pay later arrangement for purchases up to $2,500. It’s an installment loan that you take out and repay in equal payments over four months, so you’ll know exactly when your loan is paid off. With a Figure Pay Credit Loan, you are approved for a specific amount but you only receive the funds when you make a purchase, which means you may end up borrowing less than the amount you were approved for. However, you can have multiple loans at the same time up to your approved limit. For example, if you were approved for $400, you could have four loans of $100 each.

Paying for a purchase with your approved loan is easy. Simply turn on “Loan Mode” in the Figure Pay mobile app. When it’s activated, Loan Mode is available for 30 minutes and purchases made on your card during this time will be funded by your loan. Purchases made after 30 minutes will be funded from your Figure Pay account balance instead.

Designed to be simple to use and easy to manage, Figure Pay Credit Loans offer straightforward repayments and won’t confuse you with technical terms and conditions.

3. Building credit

Used responsibly, a Figure Pay loan can be a great tool for building credit for individuals with less than perfect credit score or thin credit history. By making on-time repayments, you’ll demonstrate to potential lenders that you can handle borrowing obligations successfully. As we communicate with credit bureaus regularly, your credit score will improve over time through reliable repayments.

Repayments for a credit card balance can vary month-on-month depending on your usage and the prevailing interest rate but paying off an installment loan involves similar payment amounts each month. The predictability of installment loans makes it easier to build repayments into your budget and manage your debt.

While we evaluate your credit when assessing your loan application, applying for a Figure Pay credit loan won’t impact your credit score. Even if you don’t have strong credit, you could still qualify by making a deposit of at least $1,200 for two consecutive months into your Figure Pay account.

4. Earning rewards and bonuses

Figure Pay allows members to get something back for their everyday spending through cash or other rewards without the need to sign up for expensive and complicated rewards programs. Your can track your rewards, find out about reward offers and locate participating retailers near you through the Figure Pay mobile phone app.

There are two ways to earn generous bonuses too. Firstly, you can qualify for a $50 sign-up bonus by creating an account and depositing $100 into it.

Secondly, you’ll receive a $25 referral bonus for each friend or family member you refer. The referred customer has to sign up for a Figure Pay account using a referral link and spend $50 within the first $60 days. If you’ve been referred to Figure Pay by someone else, you’ll also receive a $25 bonus as long as you open an account and meet the same minimum spending requirement. You can receive a maximum of five referral bonuses (or a total of $125) as both the referring and referred customer. Referral bonuses are deposited once the referred customer has opened their account.

5. Blockchain technology and security

Backed by Blockchain technology, Figure Pay delivers a simpler and faster experience at a lower cost. Blockchain involves a way of storing transactions in a database that maintains absolute security and integrity because once a transaction is entered into the system, it can’t be removed or altered.

This type of technology enables consumers to use their money — like making purchases, payments, and transfers — without involving financial intermediaries that are traditionally needed. By cutting out the middleman, consumers (and merchants) can save on the charges that are normally levied, and enjoy quicker completion of payment transactions.

The speed at which transactions are finalized gives hackers little time to redirect payments or collect personal information, making Figure Pay a safe option for customers who value privacy and security.

Getting Figure Pay is easy

A cheaper alternative to traditional banking products, Figure Pay makes your finances go further and allows you to borrow and build credit without spiraling into long-term debt. With an easy-to-use mobile banking app, you can enjoy the convenience of paying for purchases, transferring money, earning rewards, and accessing buy now, pay later loans all from your mobile device.

Setting up for an account is straightforward. Download the “Figure Pay” app from the App Store on your device and complete the registration process.

Sign up today for a safe, secure, and easy mobile payment system from Figure Pay!