BROOKFIELD, Wis.—Fiserv reports that card control apps are becoming a standard service for financial institutions across the country and that consumers are taking advantage of the technology.
Mobile card control applications have been introduced to let consumers manage their credit and debit card parameters with their smartphone, such spending limits, where cards can be used and to turn a card off or on—features that allow consumers to manage their finances and also play an active role in the fraud fight.
Fiserv, which offers the CardValet card control app, announced today that PCM Credit Union in Green Bay, Wis., is continuing to experience increased member adoption of the product.
The $195-million PCM, which leverages the CUSA core platform from Fiserv, selected CardValet so that its more than 11,000 members are able to define when, where and how their payment cards are used.
“CardValet allows users to set easy ‘on/off’ controls. When the card is ‘on,’ members can make purchases according to their usage preferences, and when the card is ‘off,’ no transactions are approved. This control is especially useful when cards are not in use or have been lost or stolen. Members can restrict types of purchases, set spending caps and limit the geographical area where the card can be used—all through their mobile devices,” noted Fiserv.
"We are providing CardValet to our membership, so they have even more ways to make decisions about how they want to use their debit cards," said Cathy Becks, PCM Credit Union EVP. "If you know you won't use your card for big purchases you can set a threshold limit, meaning your card will be declined for any transaction over that amount. If you change your mind, you simply log in from your mobile device and change the threshold amount in store to make the purchase."
CardValet has been in-market and available for a year, and Fiserv has recently introduced enhanced product features, making the app even more user-friendly, the company stated. The enhancements include a more contemporary look and feel to the app, easier navigation, and faster screen loads. In addition, where a card number could previously only be registered by one user, joint account owners who share a card can now register the same card number and set multiple location policies, allowing the card to work in different locations where authorized users may be based. Users will also now see a cumulative total of monthly spending on their registered cards, Fiserv explained.
"Our original vision for CardValet was to help our clients and their cardholders mitigate fraud from lost or stolen cards, and the app has certainly succeeded with that goal. But the app has also evolved to allow cardholders to better control their personal finances, including through important joint account and dependent scenarios," said Vinnie Brennan, president, card services, Fiserv. "PCM Credit Union and its members using CardValet are finding the app is ideal for keeping them in charge of when, where and how their money is spent."
Approximately 200 financial institutions across the United States currently offer CardValet. The mobile application is available to download free from the Apple App Store or Google Play Store for members at credit unions and customers at banks that offer the service.