Is Oxygen’s New Banking Platform the Next Big Trend?
In May, Oxygen launched a digital banking platform that’s tailored to the needs of small businesses and freelancers. Marketed towards “free thinkers, rebels and entrepreneurs,” it’s made to offer flexible banking for those who don’t have conventional income sources.
According to a study from the ADP Research Institute, there are 6 million more people working in the gig economy than in 2010. Freelance work has been steadily rising and Oxygen is providing an alternative to traditional banks that have been slow to adapt to these changes.
So how is Oxygen different from every other platform?
Like any other bank, you can get a personal or business account with Oxygen. There are some differences, however. Most notably being you control everything through the app on your phone.
Oxygen stated on its website: “We’re here for the free spirits working hard and traveling light – through early mornings and late payments. Our team respects driven individuals and finds creative ways to help.”
Its banking platform is made to be flexible and form to the user’s needs –– not the other way around. As a bonus for customers, Oxygen does not charge monthly fees. So you’d avoid overdraft, late and minimum balance fees –– which ultimately means you’ll be able to keep as much money in your account as possible.
Now, you might be wondering how you get cash into your account if everything is online. According to Oxygen’s website, you can add cash to your account by using GreenDot® locations. You’ll find these locations in places like Walmarts, CVS and Walgreens.
The future of banking is mobile
A GOBankingRates survey found that 81% of people won’t open an account at a bank if they don’t have a mobile app. This isn’t entirely surprising. Oxygen seems to be taking advantage of consumers’ need for accessibility by allowing all financial activities to be done from the app. As an added benefit, the app is very user friendly and downright sleek.
Virtual cards are on the rise too
Virtual cards are another hot topic nowadays. Contactless payments are fast and reliable. You hold your phone up to the card reader and you’re good to go. Especially during a pandemic, this advantage is huge. However, the popularity of virtual cards predates the coronavirus. Since 2019, contactless payments have increased by 150%.
Oxygen’s business accounts even allow owners to create one-time use cards that add another layer of protection to their debit card details. You’re able to authorize merchants or cancel virtual cards with only a tap. It doesn’t get easier than that.
[ Read: The Best Cash Back Credit Cards ]
The days of not having an easy-to-use mobile app are over. Oxygen is helping push the banking industry forward. We expect to see existing banks improve their mobile app experiences and embrace freelancers as populations with unique banking needs.
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