New Service Makes Updating Payment Card Information Easier
It can be a headache to update payment card information for subscription services. Q2 Holdings has introduced a new service to make the process much easier. CardSwap allows users to automatically apply a new debit or credit card to their subscription services, such as Amazon, Hulu and Netflix.
The first banking partner to use the service is Chime, an online bank that offers a Visa debit card, spending account and savings account that users can manage entirely from their smartphones.
“We know lots of people, particularly millennials, would like to switch their bank, but many haven’t changed because it’s a pain to move your bill payments to a new account,” said Chris Britt, CEO and founder of Chime. “Our new bill switch feature is a great example of how we’re using modern technology to make banking faster and hassle-free. Signing up and switching to Chime is now even easier, and it can all be done from your smartphone.”
Q2 hopes other banks will be attracted to their service, as it will make it easier for users to update their information after their account has been compromised.
“We believe there’s still untapped potential for technology to create new business opportunities for financial institutions,” said Paul Walker, general manager of Q2 Open. “Consumers are adopting new digital services and subscriptions at a rapid pace and traditional bill pay strategies weren’t designed to account for these new billers. CardSwap helps our clients get their cards top of wallet for these vendors, putting them in a position to tap into new interchange revenue.”