Tap Global launches direct salary payments to strengthen digital banking offering
Tap Global Group PLC (AIM: TAP) has launched inbound third-party payment capabilities, allowing customers to receive salaries and other payments directly into their Tap accounts for the first time.
The rollout begins with euro (EUR) accounts, enabling customers to receive SEPA payments into dedicated accounts with individual IBANs. Support for UK Faster Payments in pounds sterling (GBP) is expected to follow.
The new functionality removes the need for customers to receive income through a traditional bank account before transferring funds into Tap. Instead, salaries, freelance payments and transfers from family and friends can now be paid directly into the platform.
Tap believes the move is a major step towards becoming customers’ primary financial account rather than simply a crypto payment platform. Funds received can immediately be held, spent using the Tap card, traded into cryptocurrencies or allocated to the company’s Tap Earn product.
Management expects the feature to increase customer engagement, grow account balances and generate higher activity across its wider product ecosystem, creating a more recurring revenue model that is less reliant on crypto trading volumes.
Chief executive Arsen Torosian said the launch removes a key barrier for customers and marks an important milestone in Tap’s evolution into a comprehensive digital banking alternative that bridges traditional finance with digital assets.
