Qvivr Stops Selling Swyp All-in-One Cards to Launch New Product Geared toward Millennials
Qvivr, makers of the all-in-one card Swyp, recently raised $5 million in Series A funding to launch a new product designed specifically for Millennials.
According to an interview between Venture Beat and Qvivr’s founder Ashutosh Dhodapkar, “The new product is a fresh take on consumer payment cards that transforms every payment into a social experience.”
Qvivr has not announced what this “new product” will be just yet, but they have made it clear they will no longer be taking orders for their Swyp card. Swyp showed great promise when it first hit the market last year, but delays in shipping have dramatically decreased the demand since then. The product was set to be shipped last summer, but will not be sent until later this year.
What made Swyp stand out from competitors like Coin was that it could predict which card a person was going to use based on the time of day and the type of transaction they were completing. For instance, if you always pay for your morning coffee with your Capital One card, Swyp would make that the suggested payment method for your Starbucks run before work. If you typically pay for dinner with your Barclaycard, that would be the recommendation during the evening.
The undisclosed new product from Qvivr will most likely utilize the activity tracking software found in the Swyp card. The company will release more information later this year, probably around the time Swyp finally gets sent out to its ever-patient recipients.