Tally launches banking app tied to gold ownership

Tally launches banking app tied to gold ownership

UK startup Tally has launched an app offering individual banking accounts delivering saving and spending in physical gold.

When customers make a deposit through the app, they are buying Tally gold at the global wholesale price, which is kept in a secure vault in Switzerland. One Tally is one milligram of physical gold.

The value of customers’ holdings is accessed through individual Tally banking accounts linked to a contactless Mastercard debit card. Customers can spend anywhere that accepts Mastercard, with no fees, and holdings are 100% insured.

Customers can use Tally abroad, with no international transaction or foreign exchange fees, no mark-ups on the FX rate and no charge for ATM withdrawals.

Citing the pound's Brexit-induced volatility, Tally says that using gold ensures customers' money is protected from inflation and bank risk, and political and economic uncertainty.

Cameron Parry, CEO, Tally, says: "We wanted to offer consumers a stronger form of money, protected from systemic bank risk, 100% insured and designed to hold its value. The solution was a standalone full-reserve monetary platform where the customer’s asset is kept outside of the banking system while seamlessly operating with it.

"And as full-reserve, the customer’s savings are not lent out, moved or invested. Full control of their money stays with the customer. This is what Tally delivers."

Comments: (1)

A Finextra member
A Finextra member 18 July, 2019, 13:30Be the first to give this comment the thumbs up 0 likes How will Tally make a profit if the only revenue is the 0,20% debit card Pos IC fee? Or will the company itself determine the going value for the gold at deposit and withdrawal? Or is there a gold storage fee, i.e. Negative deposit interest rate?