Mobile payment platforms have become a firmly established option for most point of sale and online transactions. Gone are the days of the simple swipe (or even the short lived tap and go). Now cardholders have a variety of ways to pay, including
- a card swipe;
- inserting a chip;
- POS apps, like Apple Pay, Android Pay and Samsung Pay; or
- online services, like Visa Checkout.
But what role do issuers play in promoting these services? And how can they help cardholders navigate the variety of choices without getting confused? We looked at three issuers actively promoting these services online and observed key benefits they get out of packaging them all together:
BB&T focuses on innovation
As a large regional player, mainly in the southeast, BB&T uses promotion of mobile payment options to show how an issuer who is not in the top tier can give customers the latest and greatest. Via the landing page, BB&T communicates that “you can get all the options from a big bank right here.” In doing this, BB&T also highlights its U mobile app. While not a payment option per se, U is an innovative integration of online and mobile banking that gives customers greater control over their online accounts. Pairing U and other new mobile payment methods allows BB&T to present a range of options to its customers.
Elan emphasizes payments on usage
The agent bank Elan takes a more transactional approach on its mobile payments’ landing page. Elan presents cardholders with a range of options and messaging about simplicity and security, but also a pushes them to “load your credit card on your phone to pay.” For a corporation who must speak to cardholders across a variety of financial institutions, this makes a lot of sense. Usage is a key way to ensure engagement and, like BB&T, remind cardholders that Elan’s agent banks have most of the same payment options offered by larger competitors.
Chase highlights convenience while pushing its own app
As the biggest player that we reviewed, it makes sense to see Chase using an online portal to feature mobile payment options. But, unique to Chase is its new app: Chase Pay. With Chase Pay, this top tier issuer is seeking a way to work around the merchant acquiring banks and keep more revenue from every transaction. However, the app is still new and falls behind on the one thing critical to cardmembers: acceptance. So for now, since Chase Pay is currently only available at a handful of merchants, Chase presents it as “one of many” convenient payment options, but we wouldn’t be surprised to see a shift in the next few months.
Takeaway
When we look at all three landing pages we see a certain amount of “keeping up with the Joneses” at play. As cardholders continue to adopt and use mobile and digital payment services, issuers large and small want to show that they offer many choices It’s smart marketing to give your customers options, and that is exactly what these issuers are doing.