Episode Details

Stocard are perhaps Europe’s most successful Fintech measured by numbers of users – they have over 60 million users of their App (which gets 4.7* on Google Play) and process an amazing 2 billion transactions per annum – a phenomenal achievement. Their users save some 2-5% on average on their shopping and in some countries up to 20% of the population use Stocard for their daily shopping :-O

But what are Digital Wallets? What are their use cases?

Where are Digital Wallets going in the future? Will they keep encroaching further into retail Financial Services as a whole?

There is perhaps no-one better placed to address these questions that Bjorn Goss, co-founder and CEO of Stocard who has roughly a decade on the case and, along with explaining shopping to me (which I clearly don’t understand as I am not getting these available savings)  lays out a clear and credible ambitious vision for the future of the Digital Wallet.

Topics discussed include:

• Bjorn’s journey from music studios to Stocard
• Bjorn’s first venture selling T-shirts
• the relationship of early entrepreneurial experiments and later entrepreneurialism
• the need to connect childhood experimentalism and adult responsibility in the creative process
• “As long as you don’t stop you haven’t failed”
• the history of the digital wallet – whence did it arrive
• confusing usage of terminology – is Paypal a wallet? Is a browser autofill-in a digital wallet
• Digital Wallets’ origins as the digital version of a Physical Wallet
• extension of the functionality in particular to automatically handling store loyalty cards and offers (being the element that generates the savings)
• challenges in general of relying on smartphones given that their reliability is not 100.0%
• the value of having two digital banking provides in case one app fails
• Stocard’s gender split of users is roughly 50:50 men:women
• the average Stocard user has 13 loyalty cards :-O 
• model of Asia – Wechat, Alipay…
• Over 6,000 retailers are listed on the App
• these retailers provide added-value offers via the app increasing savings
• discounts vary per vertical – furniture retailers eg may give 10-30% off in such a way
• most usage of Sto