Digital Issuance from Fiserv Eliminates Physical Debit Card Wait
April 18 2023 - 8:30AM
Business Wire
Cardholders get instant access and can start
purchasing right away
Financial institutions can eliminate the wait that often goes
along with receiving physical debit cards with the launch of new
capabilities from Fiserv, Inc. (NASDAQ: FISV), a leading global
provider of payments and financial services technology solutions.
Cardholders now can access a new or replacement debit card
electronically, allowing them to make in-store and online purchases
immediately and eliminating the need to wait for a physical card to
be mailed out, received and activated.
Digital Issuance from Fiserv enables delivery of an electronic
version of a card. Cardholders who receive a new card or a
replacement for a lost or stolen card enjoy a seamless experience
and can easily access their card and immediately add it to their
digital wallet, promoting card loyalty. Cardholders not yet
digitally engaged with their financial institution can receive a
link to their new card via SMS. Users of CardHub® from Fiserv
receive a push message notifying them their new debit card is
available.
Manasquan Bank, a $2.8 billion-asset financial institution
headquartered in New Jersey with 15 branches throughout Middlesex,
Monmouth and Ocean Counties, continually seeks to anticipate their
clients’ financial needs with leading-edge services and
technology-informed solutions. The bank engaged in a pilot project
for Digital Issuance, testing the client experience end-to-end.
“Our commitment to offering Digital Issuance is a testament to
our dedication towards providing our clients with the most
innovative and convenient financial solutions available in today's
fast-paced world,” said James S. Vaccaro, Chair, President, and
Chief Executive Officer of Manasquan Bank. “Digital issuance
capabilities empower our clients with near-instant access to
digital cards, allowing them to make convenient transactions
quickly and with ease.”
“Waiting for a physical card to arrive is an inconvenience for
consumers and can lead to lost transactions for issuers. Consumers
may switch to another card, possibly permanently, meaning the
cardholder relationship could be negatively impacted,” said Rajeev
Yerukalapudi, Vice President, Product Management at Fiserv. “The
ability to issue new and replacement debit cards directly to a
digital wallet meets the immediate needs of the cardholder with an
engaging, frictionless experience, and reduces the potential of
lost spend and damaged relationships for the issuer.”
Cardholders can access their digitally issued card through a
text message that guides them through the steps to set up their
card within Apple Pay or Google Pay, a process that is typical for
consumers who are new to the financial institution, or by logging
into the CardHub mobile app, clicking on “card management,” and
adding the card to their digital wallet. This allows cardholders
who call in to report a lost or stolen card to access a replacement
card right away.
According to a recently-published Juniper Research report, the
total number of digital wallet users will exceed 5.2 billion
globally in 2026, up from 3.4 billion in 2022, representing growth
of over 53%. The value of digital wallet transactions is forecast
to exceed $12 trillion in 2026, from $7.5 trillion in 2022.
“To increase wallet share, issuers need to increase convenience
throughout the cardholder journey. That means employing solutions
that facilitate digital issuance, making it easy to get a card and
add it into the digital wallet,” added Yerukalapudi.
In a world that is moving more quickly than ever before, Fiserv
helps clients deliver solutions in step with the way people live
and work today – financial services at the speed of life. Learn
more at fiserv.com.
About Manasquan Bank
Manasquan Bank, a mutual community bank with consolidated assets
of $2.8 Billion, is headquartered in Wall Township, NJ. The Bank
has been serving New Jersey residents since 1874 and continues to
pioneer the future of banking with both traditional and digital
solutions. The Bank offers a full line of personal & business
services, and operates fifteen branch locations throughout
Middlesex, Monmouth & Ocean Counties. Manasquan Bank proudly
supports community-focused, non-profit initiatives through the
Manasquan Bank Charitable Foundation. For more information, visit
www.manasquan.bank.
About Fiserv
Fiserv, Inc. (NASDAQ: FISV) aspires to move money and
information in a way that moves the world. As a global leader in
payments and financial technology, the company helps clients
achieve best-in-class results through a commitment to innovation
and excellence in areas including account processing and digital
banking solutions; card issuer processing and network services;
payments; e-commerce; merchant acquiring and processing; and the
Clover® cloud-based point-of-sale and business management platform.
Fiserv is a member of the S&P 500® Index and one of Fortune®
World’s Most Admired Companies™. Visit fiserv.com and follow on
social media for more information and the latest company news.
FISV-G
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version on businesswire.com: https://www.businesswire.com/news/home/20230418005478/en/
Media Relations: Mark D. Jelfs Senior Manager, External
Communications Fiserv, Inc. 262-737-8244
mark.jelfs@fiserv.com Additional Contact: Ann
S. Cave Vice President, External Communications Fiserv, Inc.
678-325-9435 ann.cave@fiserv.com
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