MINNEAPOLIS—(Sept. 7, 2016)—Entrust Datacard today announced that financial institutions utilizing Entrust Datacard instant issuance solutions to issue permanent debit cards in branch locations are realizing significant card volume growth, and an increase in purchase transactions and purchase volumes. Based on analysis* of the top 50 debit card issuers in the U.S., financial institutions who offer instant issuance experience a 50 percent growth in purchase volume and a 34 percent increase in purchase transactions compared to those who do not offer instant issuance.
“As financial institutions continue to integrate instant issuance technologies into their service offerings, they are seeing a rise in debit card activation, spending and performance.” said Rusty Carpenter, vice president, instant issuance and mobile commerce for Entrust Datacard. “By providing consumers with easy-to-access debit cards, financial institutions are able to provide exceptional customer service while increasing revenue.”
Instant issuance technologies were first adopted by smaller banks and credit unions about 15 years ago. Today, instant issuance programs have evolved and an estimated 42 percent of the top 50 U.S. debit card issuers are instantly issuing debit cards. The adoption rate of instant issuance continues to accelerate and financial institutions are finding that the offering is becoming a necessity. In fact, a recent customer survey conducted by Entrust Datacard revealed that 89 percent of financial institutions find it mission critical to include an instant issuance solution in their payment card portfolio. Additionally, financial institutions utilizing an instant issuance solution are realizing substantial cost savings by utilizing instant issuance to increase usage of ATM’s and other self- service alternatives for low and non-value added branch transactions, as well as, eliminating the need to mail debit cards to consumers, which results in a significant savings to their postage costs.
To date, Entrust Datacard has implemented more than 30,000 instant issuance programs globally and over the past year more than 10.6 million EMV enabled payment cards have been issued on Entrust Datacard instant issuance solutions in the United States alone.
To learn more about Entrust Datacard’s™ solutions for financial instant issuance, visit https://www.entrustdatacard.com/use-cases/consumer/instant-issuance/.
About Entrust Datacard
Consumers, citizens and employees increasingly expect anywhere-anytime experiences — whether they are making purchases, crossing borders, accessing e-gov services or logging onto corporate networks. Entrust Datacard offers the trusted identity and secure transaction technologies that make those experiences reliable and secure. Solutions range from the physical world of financial cards, passports and ID cards to the digital realm of authentication, certificates and secure communications. With more than 2,000 Entrust Datacard colleagues around the world, and a network of strong global partners, the company serves customers in 150 countries worldwide. For more information, visit www.entrustdatacard.com.
*Percentages were calculated using purchase volume and purchase transaction data from the Nilson Report, Issue #1084, April 2016, in conjunction with Entrust Datacard data for the company’s top 50 instant issuance debit issuer in the U.S.