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Chocolate Finance CEO on disabling AXS payments, said it could have been “communicated better”
The disabling of its debit card for AXS payments could have been communicated better, said Chocolate Finance CEO and founder Walter de Oude in an exclusive interview on Monday (Mar 10), hours after Chocolate Finance issued a statement attributing the suspension of AXS transactions to an "unusually high" number of withdrawal requests.
Chocolate Finance had launched a partnership that allowed customers to earn two miles per dollar on all spending, including usually excluded categories such as education fees, bills and AXS payments. Mr Oude said the programme was unsustainable, as some customers were "gaming the system" and decided to pull the plug. He said the change wasn’t properly communicated to customers, which led to customers withdrawing their funds – hence depleting the pool of liquidity that Chocolate Finance maintains for instant withdrawals.
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