People are getting used to inserting their payment cards into card readers now instead of swiping, thanks to sophisticated EMV card technology. It seemed like a long wait for the United States to catch up with the rest of the world and use EMV chip cards to pay for purchases, but now they’ve become commonplace. And now cardholders can get these cards, which use the latest technology to prevent fraudulent purchases, even more easily and quickly.
Alliance Data is now offering the capability for stores and banks to issue private label and co-branded card instantly, incorporating EMV security technology and the convenience of immediate-issue credit cards. As soon as a person applies for a card and is approved, they can have their card in their hand and tuck it away into their wallet to use securely during their next purchase.
Getting the card now means using it now
Alliance Data has found that when card are issued instantly, 85% are used within the first week. Activation rates are more than four times higher in the first three months, compared with cards sent in the mail.
The hope is that instant issuance will drive an immediate increase in sales, as well as increased customer satisfaction.
Las Vegas leads the way
The first place to use Alliance Data’s instant issuance capability was Caesars Palace in Las Vegas, when people could apply for a Total Rewards Visa and have it in-hand within minutes. The secure transaction technology was provided by Entrust Datacard.
This summer, Harrah’s Resort Atlantic City began offering instant issuance, following the lead of Las Vegas and offering gamblers across the country a chance to get a new credit card on the spot.
“Alliance Data is continually innovating to provide industry-leading cardmember acquisition tools that enhance the customer experience and drive both sales and loyalty for our brand partners," said Alliance Data vice president Sheryl McKenzie. “We found through a pilot program with Caesears Entertainment that instant issuance gives consumers what they want – the ability to earn rewards with the brands they love faster – while offering compelling financial returns for our brand partners.”
McKenzie said that instant issuance of EMV cards enhances customer relationships, as well as offering advanced security, faster rewards-earning opportunities, and deepens engagement with cardholders.