As we have already mentioned in previous articles, the Verse payment and banking platform has ceased its operations and will not be available as of September 13. We have already discussed some of the reasons that led to this decision as well as some alternatives to Verse. Now is the time to discuss what are some of the consequences of the closure of Verse and how the different market agents are affected.
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Consequences of the closure of Verse for users
You have to start with the most important group, the consequences of the closure of Verse For the users. In Spain there were some 2 million users using this platform weekly for their purchases and sending money to friends and family. Today it is true that the exact number of active accounts is not known, but the number of those affected by this decision is still considerably high.
As we have already mentioned, users are being suggested to migrate their balances to other platforms before September 13, since from this date the process will become much more complicated in terms of the identity verification format. Now users are faced with a significant decision. The choice of your payment and banking services are usually important because they are entities to which you remain loyal for many years of your life. It is not something that happens very often to find yourself in a situation of having to choose a new bank. Therefore, users must choose whether to continue with banking services within the Fintech world, or if they prefer to return to traditional banking services.
We leave you more information about how to migrate verse balance so that you can withdraw the money from your account before the deadline.
Consequences of the closure of Verse for companies
Regarding consequences of the closure of Verse For companies, given such a significant influx of users looking for new payment and banking solutions, many companies will be looking to take a significant portion of the users looking for such solutions. It is true that there is an important competitor that is no longer in the market, so many Neobanks will seek to keep up with traditional banking, especially if we are talking about younger users. Customer acquisition will be key to determining who are the winners of the closure of this platform that was a benchmark in Spain. In addition, the company can be taken as a point of study to find out which strategies work and which had a rather negative impact.