InnBucks goes from transaction fees to monthly charge – why the shift in business models?

Mobile banking provider InnBucks recently announced that they would be doing away with transaction fees and having customers/users pay a one-time $1/month fee and proceed to transact to their heart’s content.

Source: InnBucks/Via X

We sent questions to InnBucks regarding whether or not this was a permanent shift in model or just a promotional offering but the financial services provider hadn’t gotten back to us at the time of publishing. From the wording used by InnBucks it seems this is a more permanent measure as they described the charging system as follows on Twitter in a reply to a customer:

“Good Evening [name redacted], thank you for reaching out to us, your first transaction of the month will trigger a $1 deduction, and afterward, InnBucks will not charge any fees for the rest of the month. The $1 charge only applies for the month you transact .^NM”

InnBucks/Via X