How to achieve top-of-wallet success
Cardholders are shopping and making payments online at ever-increasing rates.
According to the Mobile Card Services Playbook from PYMNTS, 78.9% of consumers store their payment information online, 44% of cardholders store a card on three to five sites, and 30.8% store a card on five or more sites.
Additionally, the Playbook reports:
- 54.1% of cardholders store a card on file for recurring household bills.
- 52.5% store their card at their favorite online store.
- 46.9% store their cards with online subscriptions.
Based on these numbers, cardholders are becoming accustomed to storing their card information online. For issuers, increased card-on-file placement is an opportunity to secure online top-of-wallet position and guaranteed card revenue.
How to leverage these trends
Cardholders love the ease of shopping with their card-on-file using favorite online and mobile retailers.
To maintain and grow your transaction volume, cards must be easy to use. They need to be the card-on-file at your cardholder’s e-commerce accounts and not simply a swipe or tap at a retail checkout, especially as card-on-file transactions share of spend continues to grow.
However, the problem is that the card-on-file inevitably must be kept up-to-date. For the cardholder, uploading a newly issued card to an online or mobile site—let alone a half dozen—is frustrating and time-consuming.
The agonizing process for the cardholder has historically led to transaction attrition loss of revenue for issuers.
A quick and easy solution
This doesn’t have to be the norm, however. There is new technology available like Switch’s CardUpdatrTM app, where cardholders can update their cards in one place at one time.
This app will help to protect, as well as increase, transaction volume by adding cards on more sites instantly. Using autonomous browser technology, the consumer’s card is updated to selected e-commerce sites and the data is saved.
For the cardholder, the entire updating process is performed in seconds.
Here’s how CardUpdatr works:
- On the CardUpdatr app, the cardholder enters card and billing information.
- The cardholder selects the sites where they would like to update their card.
- The cardholder provides login information to those selected sites.
- With a press of the button, all of those selected sites are updated instantaneously.
Cardholder behavior is evolving, so it’s important to evolve with them as quickly as possible.
You can be the top-of-wallet card by getting cards into circulation faster and on more sites while also making life easier for cardholders.
Enhance your cardholder experience and optimize marketing programs with functional and useful technology solutions like CardUpdatr.
KATHERINE CHAVEZ is director of marketing at Switch Inc., a CUNA Strategic Services alliance provider. Switch creates cardholder experiences that drive cards to Top of Wallet®. Learn more about Switch's CardUpdatr App and CardSavr Platform at switchme.com.