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3 Payments Trends For 2022
Written by Cyndie Martini
on October 13, 2020

The COVID-19 pandemic has accelerated the trend to digital and contactless payments — contactless meaning payment with physical credit cards. The big loser in the pandemic has been cash. Consumers want sanitary payment solutions. Despite the various challenges presented by the pandemic, how can your credit union keep its cards front & center so that customers are choosing them over the competition?

1.) Sanitary Payment Options

Consumers don't want to handle potentially unsafe cash. This moves them into cashless transactions. Digital wallets and contactless physical cards are obvious choices. When shopping online, digital wallets and other forms of card-not-present (CNP) are used. When out and about at stores, many customers will opt for contactless cards. Promoting these two categories can remind your customers about sanitary payment options.

2.) Banking Online Will Meet Most Customer Needs

Don't let your customers forget that just because your branches may not be open that they aren't without banking services. The online experience should be able to provide nearly everything the in-branch experience provides. Remind customers about all of the different services available online, including checking balances, using bill pay, transferring money, and depositing checks through the mobile app.

Speaking of mobile, it is certainly a big part of online banking. Customers can bank from their desktop or their phones. Features for both options should be highlighted, especially any differences such as mobile check deposits.

3.) Security Features Customers Will Appreciate

Customers may not be aware of the various card security features available to them. However, with so many people working from home now, online fraud has jumped. Your customers should be aware of increased fraud, so they are more conscious of potential dangers in the online environment. Providing them with examples of actual cases can help customers identify potential fraud before it happens.

Additionally, many cards have security features that customers can easily take advantage of. These include card lock and alerts. Card lock immediately freezes a card so that no one can use it. It can be turned on or off online or through the mobile app. Alerts can notify customers of large purchases card limits being reached.

Making your credit union a resource and sending customers useful card tips are great ways to ensure that your customers remain engaged with your credit union's cards.

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