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The technology offers authentication and verification during the transaction process to eliminate the anxiety of not knowing if the money will end up where it was intended — that is, to confirm that an account is open, active and in good standing before a payment goes through.
Consumers know that payment methods bearing their brand are accepted at tens of millions of merchants globally and that when they use those products, they work reliably. Retailpayments innovators have tapped into that ubiquity-driven certainty to enable new use cases that extend their reach. That creates certainty.
On the retailpayments side, online and mobile banking have transformed how accountholders access and action their money while keeping that access and those actions secure — and that accountholder relationship sticky. Limits have also been raised for those payments. That’s also where we’ve seen banks innovate.
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