The INVEX credit card business said on Monday (Oct. 22) that it has linked with Ondot, which focuses on mobile payments, to deliver what is being billed as the first instant digital credit card in Mexico.
The companies said in a release that the partnership will deliver full card lifecycle management associated with the aforementioned instant card across a single platform.
The digital card services solution, said the firms, “creates an end-to-end customer journey from product presentment, selection and digital acquisition to instant issuance and secure payments.”
In terms of mechanics, the companies said the INVEX solution is built on Ondot’s mobile card services and conversational platform, creating a two-way, 100 percent digital interaction between the bank and the customers. According to the release, the interactions are done in real time, and the end users are able to navigate, select and apply for new credit cards with instant approval. They can use the digital card instantly for online commerce and manage the card using mobile devices. INVEX stated that there are built-in card controls and alerts that are in use by over 4,000 financial institutions.
“Conversational platforms are becoming the new digital banking user interface,” noted the release. “As consumers spend more time on messaging apps, IoT devices and social media, they require similar solutions from their financial institutions.”
In a statement that accompanied the release, Vaduvur Bharghavan, Ondot’s chief executive officer, said that “in a digital-first world where payments are becoming invisible and consumers expect instant gratification, card issuers must attract, acquire and empower consumers with personalized digital experiences. Ondot provides a comprehensive set of services around the 'digitized card,' integrated into existing mobile apps, card management systems and authorization platforms."
INVEX is a Mexican business group composed of six business areas that include consumer banking and payments.