How they describe themselves: Waspit is social banking for students. Waspit combines traditional banking features with social media platforms to create a more intuitive and enriched experience for its users, or “Banking 2.0.” Waspit is designed not only to provide all the latest banking capabilities including mobile payments, but is the first to enable a dynamic communication between users, their friends and the merchants on how and where they choose to spend their money. Users can also review their transactions, rate a merchant, upload images relating to their experience, and post comments to Facebook, Twitter, Foursquare and Yelp – all managed through their Waspit account.
How they describe their product/innovation: Waspit’s new platform combines the most innovative payment capabilities students now expect from an FDIC insured account (including mobile payments) with their emerging social media habits. By syncing Waspit with any of the major social media platforms, users can easily exchange money with friends, benefit from auto-Foursquare and Facebook check-in, and post reviews that create conversation around venues they and their friends have made purchases at – particularly about those good venues and those to avoid. Users are rewarded with points each time they make a purchase, post reviews or introduce friends. Points can be redeemed for gift cards from retailers like Amazon.