Galileo Launches Payment Method Switch to Simplify Recurring Payment Updates
Galileo Financial Technologies, SoFi Technologies, Inc.’s technology platform, has introduced Galileo Payment Method Switch, powered by Atomic. This innovative solution helps banks, fintechs, and brands simplify how customers update their default payment methods—such as debit cards, credit cards, and bank accounts—across multiple merchants, subscription services, utilities, and digital wallets in one seamless place. As subscription and automatic payments grow rapidly, this product addresses a key need for convenient, secure payment management.
Key Features and Benefits
For Consumers
- Easy Updates in One Place: Users can update or change payment details for thousands of merchants, subscriptions, and utility providers directly from one app.
- More Control and Flexibility: Consumers can select which card or account to use for each bill, tailoring their payment preferences.
- Fewer Payment Errors: Fast, secure updates eliminate the need to manually input payment details on multiple websites, reducing missed or failed payments.
For Banks, Fintechs, and Brands
- Account Primacy and Increased Revenue: Allow customers to set a default payment method, increasing recurring payment transactions and generating more interchange revenue.
- Faster Setup: A single integration accelerates product launch timelines and simplifies customer onboarding.
- Stronger Customer Loyalty: Enhancing the payment experience fosters long-term customer relationships and engagement.
Product Insights
- Clients can embed the Galileo Payment Method Switch into their apps, making their card or account the most visible and convenient choice for recurring payments.
- Global recurring payment transactions are expected to exceed $15.4 trillion by 2027, underscoring the growing market.
- On average, users switch 3-5 payment methods during their first session, representing about $420 in recurring monthly spend.
- The integration also supports Galileo Direct Deposit Switch, offering clients a comprehensive payment management tool.
- Atomic manages merchant connectivity, updating billing systems, while Galileo handles secure card and account data exchange, ensuring a streamlined and secure process.
Galileo Payment Method Switch is a timely innovation that empowers financial institutions and brands to provide a seamless, branded payment management experience. By simplifying payment updates and enhancing control for consumers, it helps clients increase recurring revenue streams and deepen customer loyalty. This solution positions Galileo as a key partner in modernizing payments and supporting the evolving needs of banks, fintechs, and their customers.
