The acceleration of digital issuance
The panic of losing a credit or debit card is something we can all relate to. Unfortunately, so is the pain of waiting 7-10 days for a new card to arrive. You have to use a different card, and it changes your habits.
With digital issuance, there is an acceleration on the digital side where consumers are able to activate and use their new card immediately in the digital wallets with limited or no wait time. Spend can continue on their mobile device while they wait for the physical card to arrive.
In a PYMTS interview, Ondot’s Head of Product Solutions Randy Piatt says “consumers have shown us they are driven from a card perspective by acceptance and habit.” A study from this past April illustrates that 82% of consumers said contactless was the safest way to pay.
“Getting the digital card into the wallet as soon as possible after a card event allows an issuer to protect spend that would go to another card while the card holder is waiting on the new plastic.”