Digital-only challenger bank Fidor has launched its first physical product in the UK market, a contactless debit card developed with input from its online user community.
Fidor launched its retail banking service in the UK back in September 2015 with a current account, savings bonds service and a Euro money transfer option.
The ‘Fidor TAP Debit MasterCard’ allows customers to withdraw cash worldwide and use contactless payment for their purchases. Customers can lock and unlock the card on request at any point during the day, and retrieve their PIN code through their online Fidor account.
Fidor’s banking model is based around its online community, where users are financially rewarded for giving and receiving financial advice, as well as evaluating and reviewing new financial products and services. Fidor says the new card features, name and pricing structure were all developed with input from customer comments online.
Sophie Guibaud, VP of European expansion at Fidor Bank, comments: “The decision to introduce the Fidor TAP Debit MasterCard was driven by customer demand from our online community. We will continue to introduce new products and features that our customers want, as well as reward those who contribute to building Fidor.”
In Germany, where it was founded, the bank now has 100,000 customers. It has yet to provide details on the number of UK users.