PropTechs will use digital wallets and integrated payments to transform apartment rentals into a digital community experience.
According to Bond CEO Roy Ng, the wallets might be utilized by tenants and developers at properties across a variety of use cases and digitally-enabled activities, eventually forming connected ecosystems that stretch well beyond the bounds of the monthly rent payment.
According to Webster, these digital engagements will cover anything from apartment applications to communicating with and transacting with local companies.
Ng’s company aims to help establish that connection.
Flow, WeWork founder Adam Neumann’s next startup, said earlier this month that it is teaming with Bond to build a digital wallet solution that would enable “an experience that will radically transform what tenants expect from their homes.”
Although the specifics of Flow’s business model have yet to be revealed, the real estate firm, which is also backed by venture capital firm Andreessen Horowitz, appears to be on track to borrow at least some aspects of WeWork’s operations, including standardized access to technology, amenities, and the goal of fostering a sense of community for renters.
“The whole objective is to guarantee that Flow’s community members — the individuals who rent inside their portfolio — have a seamless experience, for everything from going into their apartment to completing the rental application, to utilizing the [complex’s] facilities, to paying and transacting within and outside of the community,” Ng said.