As demand increases for digitally-driven money management solutions, Mastercard has expanded its Digital-First Card Program in North America.
The global technology company has partnered with payment processors PTS, Fiserv, CoreCard, FIS, i2c, Galileo, Marqeta and TSYS to provide them with digital guidelines that will enable customers to get near-instant access to card information and the peace of mind to make secure transactions, among other benefits, the company said in its announcement on Wednesday (Sept. 23).
As additional benefits of the program, consumers can apply online and receive card information almost immediately upon approval, and can begin making purchases online, in-app and at the point of sale through digital wallet offerings, as well as an optional physical card. Consumers also have fast digital access to card information, including the 16-digit number, CVC2, expiration date and customer service information.
“Today, storefronts are at your fingertips, browsing shopping aisles is as easy as swiping left or right and getting what you want and going where you want is as simple as a click or tap,” said Jess Turner, Mastercard’s executive vice president of products and innovation, in a statement. “With the Digital First Card Program, we have designed a financial experience that mirrors the lifestyle of today’s generation, with simplicity and security as our guiding principle.”
Krista Tedder, head of payments at Javelin Strategy & Research, said the future of banking is digitally motivated. “Consumers are increasingly considering how they can use the branch as an extension of digital, rather than digital as an extension of the branch,” she said in a statement.
In an interview with PYMNTS after Apple Card debuted last spring, Mastercard’s Jorn Lambert, executive vice president of digital solutions, said there was a time when digital was secondary to plastic and optional, but that is no longer the case. Lambert noted that consumers are turning to their devices “for just about anything that they do, whether it is for entertainment or for social interactions ... and increasingly, also for commerce.”
Randy Piatt, head of product solutions at card technology firm Ondot Systems, told PYMNTS that consumer engagement has become a very different ballgame for financial institutions (FIs). The pandemic has forced the closing of branches that were once the cornerstone of making connections with customers. Piatt said FIs have also increased their focus on debit offerings, as consumers have slowed down credit card usage in recent months in response to financial uncertainty.