The case for one-time passcodes: Is your digital wallet offering maximized?

Spurred by health concerns and the rapid shift from brick-and-mortar to online shopping, digital wallet usage has surged in the time of COVID-19.

As of May, the payment card portfolios of CO-OP’s client credit unions saw a sharp decline in year-over-year card present transactions of roughly 35%, while card not present (CNP) transactions actually grew by 15%. Moreover, according to a live poll conducted at CO-OP’s THINK20 Virtual conference in May, 70% of attendees expect this increased use of digital payments to continue long after COVID-19.

To address this dramatic shift in consumer behavior, now is the time to activate your digital wallet strategy to provide the additional layer of convenience and security for in-person and online purchases. To maximize this opportunity, deploying a one-time passcode as a step-up security measure will help you achieve convenience, speed and security while keeping your credit or debit card at the top of your members’ digital wallets.

 

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