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SoFi's Galileo Launches Innovative Payment Method Switch

May 21, 2025 (2 days ago)
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SoFi's subsidiary Galileo has introduced the Galileo Payment Method Switch, targeting the $15.4 trillion recurring payments market to enhance customer retention and revenue streams.

Galileo Payment Method Switch Launch

  • Galileo, a SoFi subsidiary, launched the Galileo Payment Method Switch, enabling banks, fintechs, and brands to simplify default payment method updates for users2
  • This product aims to help clients become the primary choice for everyday spending, boosting recurring revenue2

Market Opportunity

  • The recurring payments market is projected to exceed $15.4 trillion by 2027, highlighting significant growth potential2
  • Atomic data shows users switch 3-5 payments initially, linking $420 in monthly spend, indicating strong demand for seamless payment management2

Partnership and Integration

  • The solution integrates with Atomic, allowing financial services providers to offer a more seamless payment experience within their trusted apps2
  • Prashant Shah of Galileo emphasized the product's ability to enhance customer convenience without leaving trusted apps2
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