See How You Can Boost Your Borrowers’ Financial Experience with Apple Pay®
Table of Contents
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- What is a Digital Wallet?
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- The 4 Great Benefits of Digital Wallets for Borrowers
- A Safer Way to Pay
- Unmatched Convenience
- Get Rewarded
- Send or Receive Money in a Flash
- The 4 Great Benefits of Digital Wallets for Borrowers
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- How SWIVEL and Apple Pay® Are Leading the Charge
Today, the financial industry is working hard to stay ahead of technology advancements, moving more and more of your borrowers’ transactions to the digital world. Traditional methods like manually inputting card numbers into your online checkout and paying with cash have quickly begun to seem outdated when more modern, convenient alternatives continue to appear. Is your institution ready to implement digital wallet strategies?
What is a Digital Wallet?
A digital wallet is a software system that stores payment information securely on a user’s device, typically their smartphone. This technology allows users to make purchases without the need for physical cards or cash. Digital wallets can store a wide variety of information, including:
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- Debit cards
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- Credit cards
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- Bank account information
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- Gift cards
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- Membership cards
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- Tickets for events and travel
The 4 Great Benefits of Digital Wallets for Borrowers
Digital wallets have many amazing benefits to offer users. These include:
Benefits of Digital Wallets #1 – A Safer Way to Pay
Digital wallets tend to be a safer method of payment. Unlike physical cards and cash, which can easily be lost or stolen, digital wallets incorporate an additional layer of security in their authentication process, like Face ID and passwords.
That means, even if a borrower loses the device containing their digital wallet, potential thieves would need to know their password and possess the ability to replicate the activated form of authentication to gain access to the device. Typically, digital wallets also use a random number that is referred to as a token, instead of the user’s actual account number, significantly reducing the risk of the account number being stolen.
Benefits of Digital Wallets #2 – Unmatched Convenience
Most people carry a smartphone with them everywhere they go. Having access to a digital wallet means borrowers can leave their physical cards and cash at home. By storing payment information in one easy-to-access place, digital wallets streamline the checkout process, making transactions quicker and simpler than ever before.
Benefits of Digital Wallets #3 – Get Rewarded
Digital wallets are designed to optimize reward programs. Many offer seamless integration with reward cards, making it easier for borrowers to earn and redeem points. Some credit cards even offer enhanced incentives for using digital wallets, giving borrowers a little extra motivation to make the switch.
Benefits of Digital Wallets #4 – Send or Receive Money in a Flash
Digital wallets make money transfers a breeze. Whether it’s splitting a dinner bill or transferring funds to a friend, digital wallets ensure that money moves swiftly and securely, without the hassle of traditional banking methods.
How SWIVEL and Apple Pay® Can Help
From faster transactions to boosted security and accessibility, the value of digital wallets in today’s technologically advanced world is significant. SWIVEL and Apple Pay® are at the forefront, providing your institution an opportunity to enhance transaction speed, security, and overall borrower satisfaction.
Implementing Apple Pay streamlines loan payments and provides borrowers with a secure way to manage their finances. When your borrowers benefit from Apple Pay, your institution will benefit right alongside them with happier, more loyal customers.
Are you ready to modernize your institution’s transactions? Step toward a more efficient future here.
SWIVEL’s integrated Transaction Enablement™ platform is laser-focused on serving financial institutions and the human behind every transaction. From payments and funding to collections, SWIVEL makes transaction enablement easy and secure – with love for your account holders.
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