SEATTLE--(BUSINESS WIRE)--Switch, Inc., a Seattle-based financial technology company that offers the only comprehensive platform to instantly update any card on any online merchant site, announced today that the company’s CardSavr service increases credit card usage immediately at activation. Card issuers will experience higher revenue and customer loyalty numbers, due to the enhanced convenience and access automated card provisioning provides.
According to a 2013 Federal Reserve Payments study, only 56% of activated credit cards are being used. For years financial institutions have been optimizing the issuance process to improve activation and immediate usage rates. Programs like instant issuance, online or mobile activation, and welcome bonuses have been rolled out, yet a large percentage of cards are still without purchase activity.
Issuers can either continue to try to increase card usage rates through promotions or adopt a solution that instantly puts cards on file everywhere cardholders make payments online at the time of activation. Switch is the only fintech company offering a platform that provisions cards on file and increases low card usage rates that burden issuers.
“It’s a straightforward solution to a persistent problem for every financial institution: Reduce the credit card management hassle to increase customer retention and overall revenue. CardSavr is an intuitive and secure application to exponentially grow credit card usage and diminish the pain of the payments process in the increasingly growing realm of online commerce,” said Carol Cosby, former Mastercard Worldwide Executive Vice President and member of the Switch Board of Directors.
Switch’s CardSavr service enables card issuers to provide their cardholders with automated card provisioning and updating within issuers’ existing digital assets, anywhere cardholders shop or make payments online. The service offers issuers the strategic ability to broaden the reach of their cards and achieve Top of Wallet®.
The industry’s card usage data is more evidence that CardSavr can offer an immediate impact to the bottom lines of any company intersecting with e-commerce. “In today’s digital world, competition for issuers to reach Top of Wallet is compounding. We automate the process of provisioning cards to online payment sites, which makes the cardholder’s life easier and issuer’s revenue increase,” said Co-Founder and CEO of Switch Chris Hopen. “The machine learning capabilities of our technology continuously adapts, and thereby reduces card usage friction for all online payments, benefiting issuers and merchants, while also improving cardholder experiences.”
To learn more about CardSavr, visit cardsavr.com. The company recently unveiled details about its differentiated technology and industry-only solutions. Access the white paper at switchme.com/whitepaper-payments-ecosystem.
About Switch, Inc.
Headquartered in Seattle, Switch creates one-of-a-kind cardholder experiences that drive cards to Top of Wallet®. The company’s payment card solutions protect and increase card transaction volume for issuers. Switch’s proprietary and patent-pending autonomous browsing technology, CardSavr, helps cardholders update any card on any site. You can learn more about Switch at switchme.com or follow the company on the Switch Blog, Facebook and Twitter.