Wallet Via Prepaidcardstatus.com Has Arrived
An integrated wallet strategy designed for you and your cardholders.
What is a wallet when used in the context of prepaid cards? It's simple. A wallet stores all of your digital and physical payment cards under one roof, with one username and password. For daVinci’s digital product suite, the wallet has been in existence for many years storing a user’s digital rewards under a single account structure. Now, we are unveiling the wallet feature for daVinci’s classic physical product suite, mimicking many of the same features digital reward earners have known for a while. Now, let’s explain how the wallet will ultimately integrate into daVinci’s overall mobile payments strategy.
Mobile technology continues to expand at rapid speeds, with new innovations created almost daily. Fueled by Apple Pay™, the popularity and security of mobile payments is rapidly influencing the landscape. But we’re ready for the revolution. At daVinci, we’re at the forefront of prepaid mobile solutions, lending our innovative product development resources to the expansion of mobile technology.
A three-phase approach
Around 40% of daVinci cardholder transactional site traffic comes from mobile devices, so developing a robust mobile strategy was a necessity. As a result, we defined three phases of attack. First, we mobile-enabled our classic cardholder and digital product websites, making it easy for customers to perform online tasks from their phones such as checking balances, choosing or accessing their virtual or physical rewards, updating personal information and more.
Next, we built and expanded our daVinci Wallet, to include the feature across both our Digital redemption and now Classic Card platforms. Traditional prepaid with physical card access is now simplified and enhanced with the new Wallet feature, which allows cardholders to collect and store their physical cards in one place—or on the Digital Choice side, bank and/or view all their digital rewards in one interface. They can do this all while maintaining the security and protection cardholders demand.
The last phase is to integrate our daVinci Wallet functions seamlessly with Apple Pay and other mobile payment technologies. We look forward to announcing that development in the future.
The advantages today
Someday the mobile wallet will likely be the predominant payment method for consumer transactions. Many major retailers already accept Apple Pay™ at their POS terminals, and while it’s largely due to the fact that they can afford to upgrade their technology, they also understand the paradigm of consumer payments is starting to shift. Many other merchants will soon be faced with the decision of integrating with Apple Pay™ and other similar technologies. If they hold-out too long, they risk losing business from customers that prefer to use their phones as virtual wallets. Events such as San Francisco’s Mobile Payment Innovations Summit and Chicago’s Mobile Payments Conference, as well as the potential use of Apple Pay™ in more than 115 countries, strongly indicates that the mobile payment industry has unlimited potential. With Apple Pay™ driving the consumer market, mobile payments are in the early days of becoming the standard payment method not only for personal finances and banking, but also for the payment industry. One thing is certain, the spreading enthusiasm for mobile payments is very promising for players in the prepaid market.
With so many convenient and secure benefits demonstrated by mobile pay’s early adopters, it’s no surprise that change is rapidly approaching. For now, daVinci’s mobile wallet is taking care of cardholders in new ways, without the integration of Apple Pay™. The list of new benefits and features for our mobile wallet is exciting. For example, daVinci’s cardholders can now access all of their rewards with one user name and password, from a single intuitive interface. Previously, cardholders were forced to look up each of their cards individually, making it cumbersome and time consuming for those awarded many cards. Those that wanted to add a username and password for additional security were unable to do so until now.
In addition, cardholders can keep not only their digital virtual cards on their phone but also their physical cards can now be converted and digitally stored. Inside of daVinci’s prepaiddigitalsolutions.com wallet, every card maintains its physical appearance, so the branding and logo benefits are not lost. This benefit will be coming soon to daVinci’s prepaidcardstatus.com card wallet as well.
At the client level, we can now enable a feature that ‘ mandates users to maintain their cards in a digital wallet, forcing them to create a secure username and password. This safety feature can be deployed for cards with high value, high volumes of reloads, or in countries where security is paramount. Nearly everyone is familiar with the frustration and anxiety of losing a credit card stuffed wallet, or having a card stolen or left behind—a problem in which prepaid cards are particularly at risk. A secure wallet that cannot be accessed on a phone without a password practically eliminates theft, which is a benefit anyone can appreciate.
In short, daVinci’s wallets are:
- More convenient
- Easier to use
- Easier to store
At daVinci, we’ll continue to track trends, increase our capabilities and features, and strive to make prepaid solutions easy, safe, comprehensive and dynamic. We look forward to moving into our next phase, and continuing to improve our mobile wallet with innovative technology.