Page 40 - Pay Magazine s2014

pay awards
Best moBIle APP
The most enticing mobile app for engaging users and enabling payments/transactions or providing nancial-related information.
CardValet
Fiserv Inc.
partner: OnDot Systems
what it is: Consumers using the CardValet
app can control spending with on/o settings and set spending limits by merchant category. The tool also helps protect against unauthor- ized and fraudulent purchases using alerts and limiting the geographic locations where cards can be used.
why it works: Such controls protect consumer accounts and encourage more transactions. Fiserv research suggests consumers using the app tend to perform 10 to 30 percent more monthly transactions than other cardholders.
why it matters: As hackers continue to steal consumers’ nancial information in data heists, the CardValet app provides peace
of mind and puts control in cardholders’ hands. Provides a consistent and personal- ized experience for cardholders and helps nancial institutions di erentiate themselves.
differentiators: CardValet o ers a compre- hensive feature set of mobile control op- tions for debit cards, including cards shared among employees or families that can be controlled by the primary user. This feature is ideal for parents who have provided a card to their children or businesses seeking to ensure employee spending adheres to company policies. Transactions can be con- trolled and monitored for speci c merchant categories such as gas stations, department stores, restaurants, entertainment, travel and groceries.
VIMPay
MasterCard Europe, PayCenter
FIS Mobile Banking
Gives debit cardholders control of when, where and how their cards are used, increasing engagement while reducing fraud.
what the judges said: The app addresses the common pain point of unauthorized card use. It bene ts cardholders by providing more control and information about accounts, including real-time balance information, while nancial institutions bene t from increased cardholder engagement, moving cards to top-of-wallet position, and decreasing fraud losses and related costs.
38
wInners
payments technology