Following this announcement, through the process of turning mobile banking apps into digital wallets on Apple devices, the Entrust NFC Issuer Wallet Solution for iOS is expected to provide an optimised customer convenience with digitased payment cards and tap-and-pay for both Apple and Android smartphones.
The new solution will also provide full control of the customer experience, which is very similar to that of Apple Pay, including fast and secure double-click NFC payment and strengthened customer relationships (a process that aims to increase the likelihood of becoming the preferred payment method). In addition, it will also enable cardholders to set to bank digital wallets as the default payment app and leverage Entrust’s experience to optimise digital payment enablement.
By developing a custom wallet in their own banking application, issuers will be given the possibility to offer a digital-first payment and banking experience. At the same time, through this alternative payment method for cardholders, global banks and credit unions are expected to provide additional touchpoints and a more integrated customer experience for a higher likelihood to be top-of-wallet. Entrust has also begun piloting the NFC Issuer Wallet Solution for iOS with several Tier 1 European financial institutions.
As mobile NFC payment, or tap-to-pay, represents a preferred payment method for a lot of consumers, this launch will allow financial institutions to build their own digital wallets within their banking apps, including on iOS devices. The functionality was made available on iOS following a July 2024 decision by the European Commission mandating that Apple open access to the NFC input on iOS devices in Host Card Emulation (HCE) mode, free of charge, amid a four-year anti-trust investigation. The decision also made a significant shift in the market, and it is set to provide a substantial opportunity for FIs to optimise their services and develop within the financial sector.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now