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Digital Payments
In our mobile and online world, digital payments have been and continue to be rapidly adopted. Member demand is increasing for these touchless payment offerings. To stay ahead of the curve and keep your credit union top-of-mind and top of the digital wallet, use these digital payments tools.
Faster Payments
Real-time payments are becoming the standard for both personal and business members alike. Faster Payments is a flexible solution that is positioned for growth and will serve as a platform for credit unions to create new and innovative products and services in the future.
- JHA PayCenter: This umbrella program allows credit unions to offer services for members to send and receive real-time payments. This includes Zelle and The Clearing House RTP® solutions for account-to-account, business-to-consumer, consumer-to-business, and business-to-business transactions. It is completely integrated with the Jack Henry Symitar® core.
- FedNow® Service: This new service for instant payments that falls under the PayCenter umbrella was created by the Federal Reserve to help individuals and businesses make fast, convenient day-to-day payments. Through this flexible platform, members can send instant payments through their depository institution accounts 24/7.
- RTP Receive: Credit unions will be able to use RTP Receive for all types of immediate payments. This includes a variety of payroll types (such as gig and rideshare, among others), payroll disbursements, digital wallet transfers, and account-to-account transfers.
- Zelle®: For almost anyone with a U.S. checking or savings account, Zelle is an easy-to-use person-to-person (P2P) payments solution. It has full integration with mobile and online banking solutions, as well as with the Jack Henry Symitar® core. Credit union members will be able to take advantage of the service from within their existing credit union digital banking app.
Tokenization
Mobile wallets are secure and convenient thanks to tokenization. During a transaction, tokenization replaces the physical card account number with a randomized digital token that is specific to a member’s device. An actual account number is never transmitted during a tokenized transaction.
Contactless Cards
Tap and go! Speedy, secure payments solution at any point-of-sale!
Since the introduction of EMV cards, consumers have enjoyed increased transaction security and reduced card fraud. But they have complained about longer transaction times and the risk of leaving their card behind in the terminal.
Contactless Cards allow consumers to conduct POS transactions by simply waving their card over the enabled reader, without needing to swipe or insert the card. They provide members with the fast, secure digital payment services they seek. These sophisticated cards do it all (insert, tap, swipe, or key entry) and can be used at any payment terminal, even if not enabled for contactless cards.
Credit unions can remain top-of-wallet and grow through increased member card usage by implementing Contactless Cards.
Digital Wallets
Digital wallets virtually store cardholder payment information and allow users to securely complete transactions using their smartphones, smartwatches, or other devices. If shopping online, digital wallets can eliminate the need for the user to input card information for each transaction.
Major, well-known digital wallets include Apple Pay, Amazon Pay, Samsung Pay, and Google Pay, but additional options continue to enter the market. Many retailers also act as a digital wallet, retaining card information in-app. Being top-of-wallet means being first-in-app when describing digital wallets.
Key benefits to digital wallets include:
- Touchless Capability: With no need to dip or swipe a card, the need to touch a POS terminal is limited
- Top of Wallet/First App: Default card set becomes the primary form of payment
- Convenience: No need to carry a physical card
- Flexibility: Ability to complete in-app and online transactions
- Speed: Quicker transaction time
- Security: Cashiers no longer see names or card numbers because tokenization encrypts payment information
Our team can assist your credit union with the push provisioning capability required to securely push the card account information to the mobile wallet of choice.
Card Free Cash
As members become more accustomed to using their smartphones or other connected devices for payments, adopting Card Free Cash is a logical next step. Card Free Cash allows members to use their smartphones to withdraw cash from an enabled ATM terminal.
Promoting Digital Wallets
Synergent Marketing Services has helped credit unions promote their digital wallet offerings. Read Creative Strategies: Digital Wallets to learn more.
