3 seamless commerce considerations for payment card issuers
Commerce is evolving rapidly. Consumers can shop anywhere, at any time, on any device. Retailers are building and refining seamless commerce strategies across all shopping channels – websites, physical stores, and mobile apps – to meet the demands of today’s cardholders.
What does seamless commerce mean for financial institutions that issue payment cards? That their card offerings must fulfill the needs of this quickly changing landscape. Here are three things to consider.
1. Fraud prevention tools
Seamless commerce means that cardholders can make purchases anytime, anywhere. And so can card thieves. Chip cards (EMV) can help combat fraud, but online and mobile transactions are still susceptible. Tools like instant fraud alerts and customizable card limits (including geographical locations, merchant types, and threshold amounts) can help cardholders stop fraud in its tracks.
2. Card compatibility with mobile wallets
Mobile wallets are booming, as more and more consumers choose to pay with their mobile devices. But mobile wallets are only as useful as the cards they contain. Card issuers should ensure that their products are compatible with all major mobile wallets. It’s also important to follow ongoing developments in this rapidly changing space so payment cards can adapt accordingly.
3. Payment card apps
It seems like there’s an app for just about everything, and payment cards should be no exception. Dedicated apps can give cardholders instant access to their payment cards, from turning them on and off to tracking spending habits. Apps also require valuable real estate on mobile devices, which can reinforce brand recognition and keep the associated payment cardstop of wallet.
What else should payment card issuers consider when it comes to seamless commerce? Download our eBook for the full story.