In any field related to customer service, their number depends on the quality and variety of services provided. Services should be as relevant to the user as possible, and their provision should leave a positive impression on the user and, therefore, a positive experience. Fulfilling these conditions will lead to an expansion of the customer base and an increase in the company’s income.
So how can payment card companies increase their income? What will help their holders have a positive experience from using this payment instrument? We will find an answer to these questions in this article.
Modern tendencies
The modern consumer is used to comfort. He does not want to go to a restaurant, so he orders food delivery at home. He doesn’t like to submit documents to various authorities in person, so he uses a digital signature and sends them remotely. He doesn’t want to go to the store, so he buys clothes and shoes online. And there are many such examples of providing comfort in everyday life. The consumer seeks solace in the process of paying for his purchases as well. It is important to him that payment methods are:
- attractive;
- varied;
- convenient;
- flexible.
It is also essential for the user to be able to choose, depending on the situation, when and which payment method to choose.
Surveys conducted by experts showed that almost 90% of users prefer to use online banking services, and over 60% want to open bank accounts without leaving their homes or office. The results of this survey show that the era of physical cards and bank branches are becoming a thing of the past.
Consumers now look for maximum flexibility in their interactions with payment card institutions. And more than half want to use alternative means of payment in addition to bank products. It would help if you offered customers omnichannel options to be competitive and increase your revenue.
Increase cardholder engagement
To increase customer interest in payment cards, issuers must offer the most flexible solution possible that can combine physical and digital payment methods for goods and services. Wallester provides a unique single platform to issue both physical and digital cards simultaneously. This is the solution that will help give the user the best possible experience from the physical and virtual worlds.
The user only needs to choose the card type they want to use in any given situation. The cards are issued instantly, something traditional banking institutions cannot provide. For more information about the platform’s capabilities and the services, Wallester offers, visit wallester.com.
The impact of digital card solutions on the cardholder experience
When a company gives its customers the ability to use digital cards, it allows them to achieve several goals at once:
- optimize the path to purchase;
- use a flexible payment method;
- increase their satisfaction with the purchase.
When a user achieves the above goals, he gets a positive experience with the payment tool. He will use it again in the future. And this means that the revenue of the issuing company will grow.
Standard digital card solutions typically provide issuing companies with the following features:
- Instant provisioning of the card to the user;
- Instant card activation;
- Secure delivery of the card to the cardholder;
- Send push notifications using digital wallets like Apple Pay and Google Pay.
The holder of a digital card can manage it independently through a particular application. A whole list of functions is available to him:
- viewing card information;
- to make digital payments;
- changing the PIN code of the card;
- tokenization;
- transferring the card to e-commerce merchants;
- card blocking/unblocking;
- notification of transactions and card changes;
- setting limits.
Access to a digital card does not require its actual presence, which means it cannot be stolen, lost or forgotten physically. It is always at the user’s fingertips. This provides added security to the customer’s finances and unhindered access.
Digital cards can be tokenized, providing additional security for the entire digital payment system. Such a feature will reduce the likelihood of payment fraud.
Positive experiences lead to higher revenues
Companies that offer virtual and physical payment cards to their customers create a positive experience for them by using flexible payment tools. Once the cardholder understands and experiences how convenient and easy it is to make payments and bank transactions with them, these payment methods will become mainstream for the user. After a successful experience, the number of successful card activations will surely increase, and the average card transaction volume will also go up.
Virtual cards differ from real cards because the former is activated immediately upon issue. This means that the probability of their use from the first day of receipt is much higher than for physical ones.
The issuance of virtual cards can be an element of business strategy for any organization. Together with physical cards, virtual cards can provide a complete solution for all industries and help differentiate themselves from their competitors. Currently, many issuers offer only physical cards, while users already ask for a synergy between physical and virtual payments. By providing the holder with the opportunity to realize their desires, you thereby contribute to increasing your own income.
You need to use a platform specifically designed for this purpose to issue physical and virtual cards with maximum comfort and without switching from one software to another. Wallester provides its customers with just such unique software.
Why choose Wallester?
Wallester offers not just a platform but a complete solution for companies from any field of business. With it, you can create virtual and physical maps, which are immediately ready for use. The platform can be easily integrated with your existing software thanks to a modern API. This will make it possible to launch a card program of any complexity in the shortest possible time. But the Wallester card payment platform has other advantages as well:
- the WhiteLabel solution allows you to launch branded cards with an exclusive design;
- a wide range of cards available for the issue: debit, credit, prepaid, physical, and virtual;
- all regulations and directives according to KYC and AML requirements are complied with;
- all types of cards can be tokenized to add them to e-wallets;
- a high level of security is ensured through 3D Secure technology, which triggers additional verification of card issuers during a transaction.
The issuance of virtual cards is one of the main advantages of the Wallester platform. These are named cards for different purposes. They can be used to make instant payments, transfers and online purchases as safely and securely as possible.
Wallester also takes on the fight against fraudsters. Our monitoring service monitors fraudulent transactions and identifies and prevents payment card fraud. Our service is staffed by professionals who make customers’ financial losses practically zero.
Solutions from Wallester will be relevant to companies dealing with consumer and business loans, insurance, providing financial and travel services, fintech companies and other organizations that work with clients. To learn more about the company’s services and benefits, you can visit its website at wallester.com.