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.
Mobile wallets virtually store cardholder payment information and allow users to securely complete transactions using their smartphones or even their smartwatches. If shopping online, mobile wallets also can be accessed from other devices, eliminating the need for the user to input card information for each transaction.
Major, well-known mobile wallets include Apple Pay, Samsung Pay, and Google Pay, but additional options continue to enter the market. Key benefits to mobile 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: Default card set in mobile wallet becomes 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
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.
CardValet® empowers members to be proactive in managing their accounts and preventing fraud. By being able to turn their card “on” or “off” from any mobile device, members can control where, when, and how their cards are used.
- Set alerts based on transaction amount, merchant type, or location
- Notify cardholder when a transaction is denied
- Control spending on multiple unique cards by setting custom limits
- Increase revenue
- Reduce fraud