When it comes to functionality, the mobile phone is the undisputed, modern-day Swiss army knife of personal appliances. Contrary to the latter, everyone and their dog carry one in their pocket.
While the mobile phone can’t be used to sharpen sticks for grilling sausages to open bottles (at least, we wouldn’t recommend it), its applications when it comes to mobile consumer banking cover more and more miles.
Today, we’ll look at the simple convenience of retrieving your debit and/or credit card information. Fetch your physical card from your wallet, and you will be greeted with, amongst other things, your card’s PAN, expiry date, and CVV code – everything you need to complete a payment on an e-commerce site, subscribe to a streaming service, etc.
Nowadays, this process, like many others, has been digitized. Imagine that, instead of pulling out your wallet, you pull out your phone, and instead of looking for the correct card, you push a button from within your banking app to display the card data on your screen.
Sounds like same-same? Let’s have a look at the advantages digital debit and credit cards offer over physical cards for card users, program managers, and card issuers.
Digital cards are more convenient
Cardholders do not have to carry around a physical card, which can be inconvenient and easily forgotten at home (you rarely forget your phone). In addition, if a cardholder misplaces their physical card, they may have to cancel the card and get a new one, which can be a hassle. With a digital card, the cardholder can simply access their account online.
Digital cards are more secure
If a physical card is lost or stolen, its data could be used by the thief to go shopping online or do other fraudulent activities. Digital cards are usually protected by several layers of authentication (e.g., the password/biometric requirements of you and your banking app) making it a tough nut to crack.
Digital cards can save money
Issuers can save money on the production of physical cards, as well as on shipping and handling, and customer service support for physical cards.
Digital cards add value to a banking app
Additional functionality increases engagement with the banking app and builds customer loyalty through a positive user experience.
Digital cards can help protect the environment
The production of physical cards requires energy and resources. In addition, the cards themselves are traditionally made of non-biodegradable plastic. Digital cards do not have the same environmental impact.
Are there any disadvantages to digital cards? Well, if you are so used to the convenience of not having to carry around your physical wallet, then losing your phone or having it stolen just got even more aggravating. Also, not all payment terminals currently support contactless for all schemes, so having a plastic card as a backup stashed somewhere can serve as insurance.
If, after hearing this, you would like to implement your own digital card solution, we can hardly blame you. In fact, we can add some more benefits and help you on this journey.
Mea Card Data allows consumers to see all their card details through your issuer or banking app. One of the significant advantages of Mea Card Data is that it is PCI-DSS-compliant, which means that you don’t have to be compliant yourself. This means that even if you don’t have the means to issue a physical card (or choose not to), you can still provide your customers with a digital card.
Mea Card Data comes to you in the shape of an SDK that supports Android, iOS, and Web Widgets, and can be implemented and start running on your customer’s phones within just one day!
Oh, and did we mention that you can fully customize the way you display card data?
If this is interesting to you, why not get in touch with us and let us make digital cards happen together!
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- Source: https://meawallet.com/digital-debit-and-credit-cards-and-why-theyre-a-big-deal/
