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A digital bank card turns your app into a mobile wallet

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In Latin America digital wallets have become one of the favorite options for people to make payments and transactions with 21% of use in 2022, and it is predicted that its popularity will continue to increase, so offering this product becomes key to the innovation of financial services, and by connecting it with a digital card with credit or debit tokenization you can offer a truly secure and outstanding digital experience in the competitive market of the region.

According to the FIS consulting firm ‘s report on the future of payments in Latin America, they are undergoing significant changes that could represent a new direction in strategic aspects for the sector. These changes include mobile payments, which have gained user preference for their simplicity and speed, and it is projected that by 2026 the use of mobile payments such as “A2A payments” or direct business-to-business transactions will increase from 15% to 21%, while mobile wallets will grow in use from 21% to 28%.

Mobile wallets are widely used in Latin America

In addition, mobile wallets demonstrate the advantages of banking digitalization because their services are easily accessible, since anyone with a cell phone can activate one, and they also enable multiple transactions such as sending money, making transfers to banks, paying for products and services, receiving remittances and subsidies, and applying for emergency personal loans.

For example, in Colombia, a country with a 90% banking penetration rate, 98% of the country’s municipalities have registered users in some of the more than 10 digital wallets that operate today, achieving greater coverage than traditional banking channels, according to figures from Colombia Fintech.

Turn your banking app into a mobile wallet with a digital card

A simple option to convert a banking app into a mobile wallet is to integrate a digital credit or debit card that is truly secure for users, using tokenization, and allows them to pay at both physical and virtual merchants. Tokenization is one of the great advantages of a digital card, because it ensures greater security of transactions, unlike buying digitally with a physical card. These transactions include e-commerce purchases at any site that accepts franchised cards or private or “Close Loop” cards.

Even a small bank can provide its users with a fully digital experience, such as that provided by neobanks, by adding the option of a digital credit or debit card with tokenization to its mobile banking application and making it possible for the user to perform all the financial transactions he or she wants 100% digitally.

Therefore, offering a digital banking card with tokenization that is issued and activated from your bank’s app and allows users to make different types of transactions and purchases securely and from the convenience of their cell phone, is offering an omnichannel and truly digital experience that takes your financial institution one step further in the financial services market.

Intexus and Entrust offer the CaaS Solution, or Card as a Service, which allows you to issue physical and digital cards instantly and very securely, helping to improve the user experience, reduce costs, steps and operational times in the issuance of cards and increase the indicators of activation and use of cards and making your financial institution a leader in the digital transformation of the sector.

In addition, with CaaS you can turn the card issuance process into a memorable experience for your customers, and gain different advantages at the operational, technological, service and business levels, as proven by different banks in the region such as Banco del Pacífico in Ecuador and the financing companies Tuya and Serfinanza in Colombia, among others.

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