Fintech firm Switch has launched a new issuer-branded app to facilitate real-time updating of card on any merchant site.
Dubbed CardUpdatr, the solution will launch to cardholders by issuers in days.
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The white-labelled solution is aimed at eliminating inconvenience related to card reissuance.
With the app, a card portfolio can have the power of CardSavr- the core payments provisioning platform of Switch- without building internal development resources.
The vendor claims that the new app “extends the benefits” of CardSavr.
According to the vendor, CardUpdatr will boost card circulation, e-commerce usage as well as brand loyalty.
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By GlobalDataCommenting on the development, Switch co-founder and CEO Chris Hopen said: “Cardholders will love the convenience of being able to easily update cards throughout all of their accounts in one place and thank their existing financial institutions for recognising and addressing their pain.
“Financial institutions will receive a tailored product that will immediately enhance their ability to improve revenue and performance, without the hassles or expense of designing their own solution.”
Hopen calls the solution a “major historic milestone” in the payments sector.
In announcing the new proposition, Switch cited the PYMNTS.com Checkout Conversion Index.
The index found up to $236bn in merchant sales revenue foregone owing to checkout friction.
