As the market moves away from physical EMV cards to instant mobile-first banking experiences, Antelop CEO Nicolas Bruley argues issuing banks and processors should be using a unified solution to reduce cost and complexity while enhancing the scope of services offered through mobile and digital channels.
As the digital revolution gathers pace, consumers are growing accustomed to the speed and convenience of digital and mobile experiences.
Digital cards respond to this need, using card numbers that are created and then tokenized to enable mobile and e-commerce transactions as well as NFC transactions in physical environments through digital wallets.
Digital cards help to protect cardholders against fraud and make online shopping easier. They can be issued either on a stand-alone basis or as a complement to existing physical cards, and have been made possible thanks to the new tokenization systems introduced by card networks such Mastercard’s MDES, Visa’s VTS and others.
Enhancing opportunity, reducing complexity
From a bank’s perspective, the best news about digital cards is their potential to deliver a wide range of services such as instant issuing, digital payments (online and face-to-face) and self-care card management functions through a digital platform.
Digital cards also offer lower costs and the opportunity to reduce a bank’s carbon footprint by doing away with the need for a plastic card and paper communication – something Rockbridge Research say 68% of consumers are looking for from their bank.
Despite their business potential and very rapid growth in popularity with consumers, digital cards present a challenge for banks, in that their use can involve a significant increase in complexity.
Banks face the requirement to integrate tokenization systems from multiple providers (Visa, Mastercard, Cartes Bancaires’ Digital Hub and others) and use cases (Apple Pay, Google Pay, wearables, e-commerce tokenization) which can have as many different integration requirements as they do customer solutions.
At the same time, banks also need to integrate these various digital card schemes into their mobile banking application. This is a vital step, as more than 60% of European consumers now use mobile banking apps as their primary banking tool, according to EU data from February 2021.
Simplify your journey to digital-first service
What banks need is a single solution that replaces these complex integrations with a single unified software package providing digital card features for use on mobile devices with little or no back-end development.
Available for Android and iOS, Antelop’s One Digital Card mobile software development kit (SDK) enables consumers to activate a digital card inside their bank’s app and use this card both inside a digital wallet (for in-store purchases or online) and directly with e-commerce merchants.
Consumers can also self-manage their card using this system, pushing the digital card securely to Apple Pay, Google Pay and other wallets, wearables and merchants directly from their mobile banking app.
Consumers also benefit from the secure display of their personal card number and PIN, and manage their digital cards for every use case, relying on Strong Customer Authentication (SCA) for sensitive transactions, among other features.
By adopting a unified approach to digital card issuance and management, banks will significantly reduce cost and complexity and speed up time to market for their digital products, while enhancing the capacity of their mobile banking apps and freeing up resources to focus on innovation in the digital area.
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