Discover takes mobile management for credit cards to a new level with Freeze It, a tool enabling cardholders to instantly stop purchases on their account from their smartphone when a card is misplaced and just as easily reinstate purchasing once it is found.
Banks and financial services
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Wells Fargo & Co. has added a Spanish-language option to its mobile banking application, building on the financial institution’s introduction of Spanish Text Banking last year, as it seeks to address this demographic’s close relationship with their smartphones.
American Express’ new far-reaching coalition loyalty program featuring brands such as Macy’s and ExxonMobil is a prime example of how mobile is making loyalty bigger and better by making it easier for members to earn rewards from one merchant in real-time and then immediately apply them to a purchase from another.
Marketers have been missing a potentially lucrative and viable opportunity to target the emerging demographic of consumers using mobile devices for financial services and payments, suggesting that these users must be understood more fully so that banks and financial institutions can garner more clients, according to a report from Phoenix Marketing International.
NEW YORK – A Citi executive at the 2015 Mobile Marketing Association Forum New York claimed that geo-fencing specific areas to alert consumers of potential rewards gained when using a Citi credit card is an optimal solution, suggesting that location-based targeting is a hot topic for financial marketers.
In a reflection of the increasing frequency with which millennials leverage their mobile devices to make small payments to one another, Facebook is bringing person-to-person payments to its Messenger application.
NEW YORK – An E*Trade executive at the 2015 Mobile Marketing Association Forum New York revealed that 45 percent of the company’s daily users leverage its iOS 8 biometric security function, which enables users to sign into their account by pressing their finger against an identification button, proving that Touch ID is optimal for financial marketers.
MasterCard continues to raise awareness of its mobile payments capabilities at PGA Tour golf events, with attendees at the Arnold Palmer Invitational the first to get the chance to use the card network’s QkR mobile payments application.
BMO Harris Bank is taking mobile banking to the next level by enabling consumers to withdraw money from an automatic teller machine using their smartphone.
Fraudulent purchases are a possible stumbling block in Apple Pay’s ascent that has been receiving a lot of attention recently, but the problem appears to lie more with how some banks issue credit cards than with any inherent weakness in the mobile payments platform.