FNBO has teamed with Visa to provide customers with a better mobile wallet experience.
FNBO (First National Bank of Omaha) announced the collaboration Tuesday (Aug. 22), saying it provides instant account credential delivery to a user’s mobile wallet with no need to download an app.
Users get an account number that is automatically loaded into their digital wallet after they apply — and are approved — for a card. From there, they can use their new card immediately from their existing mobile wallet. The bank says it is one of the first issuers to offer this service.
“In today’s culture of immediacy, speed to wallet is critical,” Jerry J. O’Flanagan, executive vice president at FNBO, said in a news release.
“We are excited to have partnered with Visa to create a solution through instant digital issuance that delivers account access with the touch of a fingertip,”
According to the release, users can apply using a QR code with participating partners. From there they’ll be notified and given instant digital access when approved.
“Creating a seamless experience is key in today’s fast-paced landscape,” said Tolan Steele, head of global core products at Visa. “Together with FNBO, we’re committed to creating innovative products like instant digital issuance for consumers’ digital wallets, while maintaining convenience and security.”
The partnership is happening at a time when mobile wallet use for bill pay is increasing across age demographics, as consumers enjoy the speed and convenience it provides compared to legacy methods such as paper checks.
Research by PYMNTS and ACI Worldwide found that consumers’ use of mobile wallet bill pay across demographics had jumped 11 percentage points between the third quarter of last year and the first three months of this year.
“Fifty-one percent of consumers who use mobile wallets to pay bills opt to do so via PayPal, making it the most popular method,” PYMNTS wrote recently. “However, the platform’s convenience, along with most other FinTech mobile wallets with bill pay options comes with a catch: fees.”
Research for the “Mobile Wallet Bill Pay” report showed that 46% of consumers had to pay either a flat fee, a percentage of the bill or some combination of both to PayPal to do so. This rate was in keeping with many noninstitutional mobile wallet bill pay features, with users paying an average of $14.80 in flat fees or 1.5% of their bill.
In all, the report said, 60% of consumers used mobile wallets in the last year, but that number could go higher if users were offered the right features.
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