BROOKFIELD, Wis.–Financial institutions can eliminate the wait that often goes along with receiving physical debit cards, according to Fiserv, following the launch of new capabilities.
“Cardholders now can access a new or replacement debit card electronically, allowing them to make in-store and online purchases immediately and eliminating the need to wait for a physical card to be mailed out, received and activated,” according to the company.
Fiserv said its Digital Issuance solution enables delivery of an electronic version of a card. Cardholders who receive a new card or a replacement for a lost or stolen card enjoy a seamless experience and can easily access their card and immediately add it to their digital wallet, promoting card loyalty, Fiserv added.
Push Message Sent
“Cardholders not yet digitally engaged with their financial institution can receive a link to their new card via SMS,” according to the company. “Users of CardHub from Fiserv receive a push message notifying them their new debit card is available.”
Fiserv said cardholders can access their digitally issued card through a text message that guides them through the steps to set up their card within Apple Pay or Google Pay, a process that is typical for consumers who are new to the financial institution, or by logging into the CardHub mobile app, clicking on “card management,” and adding the card to their digital wallet.
This allows cardholders who call in to report a lost or stolen card to access a replacement card right away, Fiserv added.
Removing an ‘Inconvenience’
“Waiting for a physical card to arrive is an inconvenience for consumers and can lead to lost transactions for issuers. Consumers may switch to another card, possibly permanently, meaning the cardholder relationship could be negatively impacted,” said Rajeev Yerukalapudi, VP-product management at Fiserv. “The ability to issue new and replacement debit cards directly to a digital wallet meets the immediate needs of the cardholder with an engaging, frictionless experience, and reduces the potential of lost spend and damaged relationships for the issuer.”
In announcing the new offering, Fiserv cited recent research by Juniper Research report, the total number of digital wallet users will exceed 5.2 billion globally in 2026, up from 3.4 billion in 2022, representing growth of over 53%. The value of digital wallet transactions is forecast to exceed $12 trillion in 2026, from $7.5 trillion in 2022.
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