NFC transaction using push payment technology with mobile wallet

Delivering Instant Value With Real-Time Push Payments

Author: Rajeev Yerukalapudi, Head of Digital Innovation at Fiserv

Type: First Data Perspectives

Tags: eCommerce & Mobile Commerce , Credit Issuing , Global Financial Institutions


Consumer behavior is rapidly evolving. Consumers now demand seamless, omni-channel payment experiences, while still maintaining their privacy and security. Issuers want to deliver customized solutions that can effectively target their customers and help them outperform competitors. The advent of tokenization has met the demands of both the consumer and issuer by enabling real-time push payments and opening new verticals within the payments industry.

Tokenization and real-time push payments provide multiple benefits to financial institutions (FIs) and their customers, namely the ability for instant spend. This technology is the backbone of new solutions in the industry, such as real-time push provisioning of payment tokens into a digital wallet.

Using Push Provisioning for Real-Time Payments

According to one study, 44% of customers say that push provisioning capabilities would influence where they bank. Particularly among young customers, this type of technology sends a message that a financial institution provides fast and easy-to-use products that suit their lifestyle.

Take for example a cardholder who recently opened a new card or misplaced an existing card; in both cases, cardholders would typically wait around 7-10 days for their new plastic to arrive. With push provisioning, cardholders can conveniently access their payment mechanism via mobile wallet in real-time. While the cardholder experiences real-time, seamless use of their account, FIs help deliver an uninterrupted payment experience, achieve higher spend, and increase overall customer satisfaction.

Getting Started With Push Payments

FIs can deliver this value to customers with minimal costs and operational burden. Fiserv makes it simple for FIs to offer Instant Digital Issuance (IDI) to their cardholder via their own FI mobile app. Fiserv provides a Software Development Kit (SDK) – paired with backend APIs – to enable real-time, secure push provisioning of cards to cardholders' mobile wallets. Fiserv also manages the relationship with Tokenization Service Providers (TSPs) and payment networks. IDI is compatible across all TSPs and payment networks including Apple, Google, Samsung, Visa and Mastercard®. IDI is packaged into a simple, consistent offering that makes it easy to deliver instant value to cardholders.

Learn more about Instant Digital Issuance and other digital solutions by contacting a Fiserv Representative.