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Engaging cardholders in the age of digital payments

December 17, 2020

first_img 13SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr According to statista.com, mobile payment revenue will top $1 trillion in 2019, up from $450 billion in 2015. Clearly, advances in mobile and digital tech are redefining payments. And the way members use your cards may never be the same.Here are five things your credit union needs to know in the age of digital payments:To members, “card on file” means “set it and forget it.”“Credit unions should incentivize members to establish their card as the default payment option across merchant apps and websites,” said Jennifer Kerry, VP/credit card services for CO-OP Financial Services. “Consumers typically only replace their default cards if there is an issue—which  means if your card is not loaded into a member’s Starbucks app, you may never help buy that member a cup of coffee again.”Future payments will be increasingly automated.Emerging in-store payment technologies are making it even more important for your cards to be “on file.” Imagine your members walking into an Amazon Go store, selecting their goods and leaving—without visiting a cashier or interacting with a terminal—and without giving one thought as to which card they placed on file. That is where payments are headed. continue reading »last_img

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