Islansbanki, an Icelandic lender, has implemented digital wallet provider Memento’s money-pool platform to its digital wallet app Kass to enable users to create money pools in which friends and family privately or publicly can contribute.

Using unique design and underlying API technology of Memento’s P2P payments platform, the new platform enables users to raise money without creating complexities for users in experiencing front-end.

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Each contribution is treated as ‘dynamic payment event’ without a predefined number of potential contributors or a predetermined total amount. This enables users to raise money and share the ‘campaign’ via the social network.

The new money-pool platform is currently available to users with an Icelandic phone number and bank account.

This platform can be used for everything, right from funding a lunch or raising money for charitable purpose.

Memento CEO ArnarJónsson said: “It will not only increase the use cases of wallet platforms but also drive traffic from many social media straight to these wallet services. As the digital wallet market is getting enormously competitive, the importance of becoming relevant in the social media context is constantly growing.

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“It is a smart move to provide tools to pool money as it will raise awareness and usability of your digital wallet. The wallet provider can decide what user-segment is the most important and make sure the platform meets its strongest requirements. As a result, those users will become the advocates of the wallet-brand and strengthen both its image and place in the market.”