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How FIs can respond to a demand for digital

By Omneha Amujala

The recent digital shift has accelerated ecommerce and contactless spending. In a recent PYMNTS Masterclass, Ondot’s Head of Product Solutions Randy Piatt had the opportunity to emphasize the three ways that issuers could take advantage of the rapidly evolving digital landscape to provide comfort and control for cardholders.

  1. Offer contactless cards and push to digital wallet
    With the spike in contactless payments and more and more ecommerce sites accepting digital wallet options, these abilities make it easier for consumers to spend online and provide a safe and more secure option for them for in-store purchases.
  2. Ensure top-of-wallet status in digital wallets
    Holding the default card option in a digital wallet is more essential than ever in 2020. Holiday spend is likely to be dominated – we’re already seeing it happen – by online and contactless transactions. Holding this status in the digital wallet means your card will be the default for each and every payment wallet purchase.
  3. Educate your cardholders about the security of their cards
    As cardholders move to online spend and newer forms of payment, they will need to be reassured that they can spend safely. Make sure your account holders know what your fraud policy is, how long it takes before disputed funds are available, and what the wait time for a new card will be (hopefully this is instantaneous!). Providing this information gives consumers the confidence they need to shop with credit and debit online.

Watch this recording of Randy’s response to hear even more about financial institutions and their response to the digital shift.