Is your bank making the transition to digital payments easier for you?
Discovery Bank clients can send money to a Vitality client from their banking app
The digital and mobile payments market is forecast to surpass credit card and cash payments as it continues its remarkable growth rate of 26.9% expected between 2020 and 2025.
This growth rate has been accelerated by the New Age banking client demand for faster, real-time banking and emerging technologies such as mobile devices, online interfaces and new network infrastructure; and the changing nature of how clients interact with the services as a result of the pandemic.
Digital payment methods are fast becoming an essential strategy banks use to gain new clients, many of whom grew up in a digital-first world. And, unlike past generations, this new-generation consumer will consider switching banking providers based on better digital and value-added services, adding to increased market competition.
How are banks keeping up with the demand for digital payment options?
According to a report on payments in the digital age, the banking transaction systems benchmark shows more than 15,000 transactions a second at its peak, while the world’s largest mobile payment platform, Alipay, has touched more than 250,000 payment transactions in a second.
With the use of digital payments expected to increase to 1.3-billion people by 2023, it’s not only technology companies or platforms that are enabling digital payments through innovative solutions.
Discovery Bank is leading the way in contactless banking with no physical branches and an app that enables digital payments in minutes. Clients enjoy greater convenience and security when shopping with virtual cards, and can make payments to their contacts who are Discovery Vitality members through Discovery Pay using their cellphone number.
Gone are the days of waiting for banks to open their doors to access banking services.
Making payments to stored contacts in a few clicks with Discovery Pay
With Discovery Pay, Discovery Bank clients can make payments without the need for banking details to any of their smartphone contacts who are active on the Vitality programme, which has more than one-million members.
“Discovery Bank clients can send money seamlessly to a Vitality client from their banking app when they have the cellphone number saved in their contact list. We’ll then securely deposit the funds into the existing linked and verified bank account for the Vitality client, which means it’s not necessary to share any banking details on e-mail or in other correspondence,” says Akash Dowra, head of client insights at Discovery Bank.
Convenience and security with virtual cards
Virtual cards offer the same benefits as physical cards — travel insurance, purchase protection, extended warranty and rewards. But there’s an additional level of convenience and flexibility for clients with virtual cards as they are issued instantly, which means new clients who join the bank in minutes will immediately have a card to transact with, and existing clients can simply add a virtual card on the Discovery Bank app without additional admin.
Discovery Bank recommends using virtual cards for online transactions, subscriptions and for payment platforms such as Apple, Samsung and Netflix. As it’s possible to have more than one virtual card, clients can select the types of transactions they want to make with each card, lowering the risk of a virtual card or physical bank card being compromised. Clients can also add as many virtual cards as they need at no additional cost.
Dowra said, “By using both a physical card and a virtual card for varying transactions, our clients can elevate the security on their banking transactions and protect themselves against potential fraud.”
This added protection comes from every virtual card having its own unique card number, expiry date and card verification value. Because a virtual card is safely stored inside the Discovery Bank app, it can never be lost, and is always at hand as long as a client has their device with the Discovery Bank app.
A virtual card is also safe from skimming through card readers attached to payment terminals and from being photographed to obtain the permanent account number. And, in case of fraud, a virtual card can be stopped through the Discovery Bank app and a new card will be issued in real-time, without having to wait for a new card or paying a replacement fee.
This article was paid for by Discovery Bank.
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