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Trilo lets merchants offer rewards to customers choosing bank-to-bank payments

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Open banking enables bank-to-bank payments, meaning that (in theory) merchants should be able to accept payments without having to hand over fees to Visa or Mastercard or other payment providers, such as Stripe. The challenge, however, isn’t just implementing open-banking based payments as a checkout option — there are are already a host of open banking tech providers — but persuading customers to switch to a new payment option they are likely unfamiliar with.

The solution, according to fintech Trilo, is to offer customers incentives, for using open banking, such as cashback or additional perks, coupled with a user-friendly payment flow. The U.K. startup is breaking cover today with the launch of its alpha.

Image Credits: Trilo

“Businesses lose out on so much of their hard-earned money whenever a payment is made with cards, their transaction fees can be up to and above 4% in some cases,” says founder Hamish Blythe, when asked to define the problem Trilo wants to solve. “[In addition], it takes an age for businesses to receive their funds, usually up to 7 days… thanks to cards being invented back in the 50s before we even went to the moon”.

Open banking-based payments doesn’t just offer the opportunity to begin to chip away at the Visa/Mastercard duopoly, but should also reduce fraud associated with cards, leading to lower costs for merchants beyond transaction fees alone and less issues for consumers. But that requires take up of the new payment option.

“Open Banking’s great. However, me and you, consumers, have little-to-no-reason to use it,” argues Blythe. “Without an enjoyable, rewarding, and simple user flow, it’s going to be very hard to take off”.

To help remedy this, Trilo is combining an open banking payments API with incentives and rewards for consumers electing to use bank-to-bank payments. The startup is also doing away with transaction fees for merchants and will instead charge a monthly subscription akin to a SaaS model.

“Say goodbye to transaction fees, we’ve scrapped them,” says Blythe. “Our merchant partners also get their money in 5 minutes on average, so they can re-deploy it even faster… [and] consumers get a boost whenever you pay. Our main USP is that we focus on you, making your time as enjoyable, easy and rewarding as possible, whether that’s 1% off, a free beer, or an upgrade, businesses give you a serious reason to stop using your card”.

More broadly, Blythe says open banking gives a startup like Trilo the opportunity to take on “the largest duopoly on earth”.

“But to do this, we need to have the simplest and easiest way to pay out there for me and you,” he says, “while also having some serious kickback available to consumers when they pay. With our network we can also power refunds, consumer protection, and all sorts of other perks that pure open banking simply doesn’t offer”.

To pay with Trilo, you simply scan a QR or tap the Trilo button on a partnering merchant’s website or app. You’ll be remembered on your phone with a cookie, you’ll then see who you’re paying, what bank, and what your boost is, with the amount to pay clearly displayed beneath. “When you tap pay, you’ll hop over to your bank app, and can securely finish off the payment with a tap of the screen,” explains Blythe.

Meanwhile, to kick off Trilo’s alpha and to demonstrate the payments flow, Trilo is partnering with Make It Wild, who are reforesting large areas of the U.K. to help restore the natural eco-system. “With our alpha you’ll be able to fund a tree for a fiver with Trilo, and the best bit, because it’s using Trilo, every single penny will go on the trees,” adds the Trilo founder.

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Conquer Your Pup’s Dander and Fur With $700 Off a Cobalt or Charcoal Bobsweep PetHair Plus Robot Vacuum

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Best Home DealsBest Home DealsThe best home, kitchen, smart home, and automotive deals from around the web, updated daily.

Bobsweep PetHair Plus Robot Vacuum & Mop (Cobalt) | $200 | Best Buy

Bobsweep PetHair Plus Robot Vacuum & Mop (Charcoal) | $200 | Best Buy

Allergies can be bad enough as the seasons change. Don’t let pet hair and dander add to that by vacuuming it up early and often. That chore is easier said than done— unless you have a robot vacuum to do the work for you. This lovely bright cobalt Bobsweep PetHair Plus robot vacuum and mop, only $200 today at Best Buy seems like an ideal option. That’s a whopping $700 off, by the way.

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You can get the same deal for the charcoal version of the robot vac, too. This model is not only specially made for picking up pet hair, it self docks and charges when it’s finished with the work.

It also comes with a mop attachment, so it can take care of those kitchen floors for you as well. Grab it while it’s still available for this fantastic price!

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Apple will replace AirPods Pro for free with faulty noise cancellation, static or crackling

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Today, exactly one year after Apple first launched the AirPods Pro — and thus the same day the very first AirPods Pro owners will see their one-year warranties expire — Apple has launched a repair program that offers free repairs or replacements for another whole year if your AirPods Pro experience issues with noise cancellation or static.

Specifically, Apple will fix:

Crackling or static sounds that increase in loud environments, with exercise or while talking on the phone

Active Noise Cancellation not working as expected, such as a loss of bass sound, or an increase in background sounds, such as street or airplane noise

Apple says only a “small percentage of AirPods Pro” are affected by the issues, but it apparently wasn’t just an early batch — Apple says affected units were manufactured “before October 2020,” meaning every AirPods Pro ever made might be eligible. That’s quite a recall if so. Apple says it will repair faulty AirPods Pro for two years after you first buy them.

We’ve heard complaints about degraded noise cancellation before, and at least one Verge editor has replaced their AirPods Pro under warranty. It’s nice to hear that Apple isn’t just cutting buyers off as soon as that warranty expires.

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This 55″ 4K TCL Smart TV Hangs on Your Wall for $200

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Best Tech DealsBest Tech DealsThe best tech deals from around the web, updated daily.

TCL 55″ S434 4K Smart TV | $200 | Best Buy

Best Buy has an insane deal going for a brand new 55″ 4K TCL smart TV. It’s the S434, which is pretty baseline for TCL’s lineup, but at just $200, there’s little to complain about. TCL’s panels are plenty sharp and accurate, and with this set, you’ll get HDR10 compliance for enhanced color and brightness in supported games and video content. This model has Android TV onboard for all your app needs, and with an included voice remote, all your favorite content is just a shout away with the help of Google Assistant.

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