Visa Launches Digital Commerce App To Grow Mobile Capabilities American Financial Institutions

Visa Inc. V launched the Visa Digital Commerce App, an issuer-branded mobile commerce solution, which allowed financial institutions to offer their own mobile app to customers with valuable card management services. The company believes it would finally expand and strengthen their Visa credit, debit and prepaid card offerings.

Visa said that through the mobile app, issuers could provide services like the real-time account balance information, card controls, alerts that inform accountholders about recent transactions. That included fraud concerns, and innovative token services that bring greater security to contactless payments.

The payment processor said that as a hosted service, the app simplified the delivery of a broad array of card management features and provides a roadmap for issuers to rapidly deploy new features and enhancements.

Visa's Group Executive for North America, Oliver Jenkyn, said, "The Visa Digital Commerce App brings together a comprehensive set of services to empower financial institution clients of all sizes to quickly offer their own digital payment experience to cardholders, while keeping their brand and relationship with the cardholder front and center. We are getting great feedback from clients who are implementing the app and are excited to make it available to more financial institutions nationwide."

Javelin Strategy & Research analyst, Daniel Van Dyke, said, "As consumer awareness of mobile wallets has grown, financial institutions are increasingly looking to stake a claim in this market and capture the preferred ‘top-of-wallet' position with their customers. In our 2016 report, ‘What's In Your Mobile Wallet?', consumers stated they would be 51 percent more likely to use a wallet offered by their primary financial institution, making this an ideal time for banks and credit unions to introduce a branded digital app and capitalize on this preference."