Fintech company Switch has upgraded its card-on-file Cardsavr API technology to enhance access and convenience for customers to use virtual credit cards.
Designed for automatic updating of cards across multiple merchant sites, Cardsavr is applicable for both existing and new cards. The API can also be used to set preferred payment method and for online payments.
The new capability for virtual cards is expected to boost speed and security during online purchases, while allowing financial institutions, issuers and processors to better track cardholder activity as well as improve usage revenue.
Cardsavr enables integration of virtual cards into existing card issuers’ web and mobile applications, in turn making their usage easy.
Switch CEO Chris Hopen said: “Until now, activating merchant-specific virtual cards required cardholders to laboriously create and update every merchant one-by-one.
“Our CardSavr API automates and simplifies the entire user process and secures the card on file at the merchant with one step. We make it all invisible to cardholders. They can reap all of the benefits of virtual cards without being bothered with the set-up or updating details.”
The company noted that Cardsavr capabilities will also be useful for reward, private label and person-to-person payment programmes that require re-issuance, monitoring usage and experiencing potential revenue loss.