Mastercard Expands its Digital First Card Program Amid Growing Demand for Digitally Driven Money Management Solutions
September 23 2020 - 9:00AM
Business Wire
Mastercard’s Digital First Card Program lays
the foundation for issuing banks, fintechs, and traditional
co-brand partners to offer end-to-end payments solutions to
cardholders
Directly addressing today’s generation, who does everything –
from ordering meals to scheduling doctor’s appointments – on their
mobile phones or online, Mastercard today announced the expansion
of its Digital First Card Program in North America. Mastercard is
partnering with payment processors including CoreCard, FIS, Fiserv,
Galileo, i2c, Marqeta, PTS and TSYS, a Global Payments Company, to
provide them with the foundational digital guidelines that will
enable consumers to experience a best-in-class digital banking
experience, including near-instant access to card information, the
flexibility to shop with ease, and the peace-of-mind to securely
transact, among other benefits.
Together with Mastercard, these players will work with issuing
banks to ensure the foundational requirements of the Digital First
Card Program are met, which has been built to deliver an optimal
and secure consumer experience by focusing on four key areas:
- Online Application: Enables consumers to apply online
and receive card information almost immediately upon issuer
approval.
- Near-Instant Issuance: Gives cardholders access to their
card information almost immediately to begin making purchases
online, in app and at the point of sale through digital wallet
offerings. A physical-optional card with a sleek, flexible design
is also available to the cardholder.
- Quick Access to Card Details: Offers quick access to
card information, including the 16-digit PAN, CVC2, expiration date
and customer service information via digital environment,
eliminating the need for it to be displayed on the physical card
and enabling the cardholder to access it securely with ease.
- Simple and Easy Management: Allows cardholders to manage
their payment credentials digitally, including access to
transaction history and balance information, alerts, and access to
card benefits.
“Today, storefronts are at your fingertips, browsing shopping
aisles is as easy as swiping left or right and getting what you
want and going where you want is as simple as a click or tap,” said
Jess Turner, executive vice president, Products and Innovation,
North America at Mastercard. “With the Digital First Card Program,
we have designed a financial experience that mirrors the lifestyle
of today’s generation with simplicity and security as our guiding
principle.”
"The future of banking is digitally motivated,” said Krista
Tedder, Head of Payments, Javelin Strategy & Research.
“Consumers are increasingly considering how they can use the branch
as an extension of digital, rather than digital as an extension of
the branch.”
Mastercard’s Digital First Card Program, which launched in 2019,
continues to gain momentum as consumers seek out digitally-native,
secure payments solutions. Most recently, Mastercard announced a
partnership with Samsung and SoFi to launch Samsung Money by SoFi,
a mobile-first money management experience. Fintech players Pay
with Privacy and Neo Financial will launch Digital First Card
Programs in the coming months.
The expansion of Mastercard's Digital First Card Program signals
an industry-wide shift to providing consumers with end-to-end
payments options at scale. By enabling processors with the
technology and go-to-market strategy, more and more cardholders can
experience the benefits of the Digital First Card Program.
QUOTE SHEET:
“i2c has been at the forefront of digital transformation and our
highly configurable single global platform is uniquely qualified to
help Mastercard issuers bring Digital First Card Programs to market
quickly,” said Amir Wain, founder and CEO at i2c Inc. “Providing
immediate digital payment access to users is key to a comprehensive
digital package of services and superior consumer experience. As a
result, Mastercard customers will enjoy greater convenience,
access, security and program responsiveness, while issuers benefit
from new revenue streams.”
“Today’s cardholders have technology at their fingertips
everywhere they go, complementing the increasingly digital
lifestyles they lead,” said Rachna Ahlawat, senior vice president,
Digital, Issuer Solutions at Fiserv. “Meeting this digital demand
with everything from being able to open an account instantly to
flexible payments options empowers them to make seamless, secure
transactions while strengthening engagement with their trusted
payment providers.”
About Mastercard:
Mastercard is a global technology company in the payments
industry. Our mission is to connect and power an inclusive, digital
economy that benefits everyone, everywhere by making transactions
safe, simple, smart and accessible. Using secure data and networks,
partnerships and passion, our innovations and solutions help
individuals, financial institutions, governments and businesses
realize their greatest potential. Our decency quotient, or DQ,
drives our culture and everything we do inside and outside of our
company. With connections across more than 210 countries and
territories, we are building a sustainable world that unlocks
priceless possibilities for all.
Samsung Money by SoFi® is a cash management account, which is a
brokerage product, offered by SoFi Securities LLC. Member
FINRA/SIPC. Neither SoFi nor its affiliates are a bank.
The Samsung Money by SoFi card is issued by the Bancorp
Bank.
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Mastercard Communications: Biz Cozine Email: biz.cozine@mastercard.com Tel: 914.249.2707
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