All these years, we’ve heard about terms like human-made, human-intelligence, etc. It is because earlier, the capability of humans was utilized to learn, form concepts, apply logic, come to a conclusion, and whatnot!
Nowadays, all the activities are carried out using Artificial Intelligence or AI, which is demonstrated by machines, unlike human intelligence. However, it can be said that AI is the simulation of human intelligence in machines that can be programmed to work as per one’s desire.
One of the most recent and efficient examples of AI is VitraCash, a London-based fintech that has revolutionized the method of transactions for goods and services. What’s more? The business has lately secured £330K during pre-seed funding round from about a thousand investors to move forward and launch its first smart debit card by the end of 2021.
About VitraCash
Currently, in discussions with VC funds, VitraCash may lead to a massive seed round at the beginning of the following year. The CEO of VitraCash, Koray Koska mentioned that “Together with all the terrific investors from CrowdCube and other big names on the waitlist which are being ramped up, we’ll make a statement in the FinTech space with our launch.” Furthermore, he also said that the team is confident about reaching a large number of audiences by the subsequent funding round.
Surprisingly, after the launch of the CrowdCube campaign, the target of raising an intended amount got surpassed by seven times more investment. As per the CEO, achieving such milestones was just an imagination, and now that it has happened, there’s a ray of hope that the idea of launching a smart debit card is going to be a huge success.
Working of the VitraCard
Established by Ben Koska, Koray Koska, and Florian Winkler, the company is all set to launch its VitraCard. It is essential to mention that access to the card will only be given to CrowdCube investors in the initial few months. However, these investors will be given exclusive rights to invite more people. After a few months, the system will be completely available to the public.
Users will have to download a VitraCash application; furthermore, connecting all of their payment methods to the same. Whenever a user will initiate any payment using the VitraCard, the app will automatically select the best card for the transaction using its AI tech. Additionally, elements such as cashback, insurances, FX rates, etc., will be considered, offering an exceptional experience to the users.
Hold on; the best part is yet to come! Koska also mentioned that the team noticed unnecessary fees being charged for the foreign exchange and ATM withdrawals. Moreover, travelling with numerous cards always confused which one to use for the transactions, which became the biggest reason and motivation behind launching the VitraCard.
Importance of AI Technology
If you’re planning to come up with such an idea or a mobile application for your business by integrating AI technology, here are the reasons why you should opt for the same.
Take a look!
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AI enables human capabilities, from understanding to perception.
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Activities like figuring out the pattern in data that have been performed by software over the years are efficiently performed using AI.
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Automation opens up opportunities for numerous business sectors.
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Fraud detection becomes uncomplicated.
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Easier decision-making.
To Sum Up
AI is revolutionizing the technology world at a rapid-fire pace. Not only is it a modern tech, but it holds the potential to enhance every business sector, no matter its domain.
While AI is not completely error-free, it is much more reliable and accurate than human beings. For instance, one of the most time-consuming activities in any business includes cash flow forecasting, also prone to human error. By utilizing AI tech, such errors are eliminated.
So, have you made up your mind to integrate the tech into your business?
If yes, you must gain further insights from the professionals for accurate decision-making. Reach out to the top mobile app development company in UK and get your queries resolved.
What are you waiting for? It’s time to reap exceptional profits.
Happy Reading!
