Wirecard, the global innovation leader in digital financial technology, has announced the release of its Virtual Express solution for immediate and reliable delivery of digital funds including refunds, incentives, and rewards.
The new functionality has been designed specifically for mobile wallets. Mobile wallet usage is gaining traction around the globe, with the main payment services seeing an upsurge in adoption in 2018. Virtual Express is available immediately to customers in the US and will be rolled out to other geographies later in the year.
Virtual Express is part of a suite of digital payment solutions that improve operational efficiencies for businesses while delivering added convenience for end users. The feature is especially valuable for companies that want to enhance brand engagement within loyalty and incentive programs. Virtual Express allows users to access funds directly and skip the step of card registration. This removes friction from the payment process and puts funds in consumers’ hands quickly and easily. For businesses, reduced friction increases redemption and engagement.
Companies that employ digital payment solutions see significant cost savings over issuing checks - less than $1 compared with up to $12 per check. Digital delivery keeps consumers in the mobile ecosystem, prolonging engagement and increasing overall spend.
“The key factors contributing to the ongoing digital transformation are businesses’ ability to tap into consumer preferences, provide a superior customer experience, and deliver in real time,” said Deirdre Ives, Regional Managing Director North America at Wirecard. “Virtual Express ticks all the boxes, and we’re very excited to bring this added value and convenience to our clients and their customers. Wirecard has been leading the industry in terms of correctly anticipating consumer expectations and delivering innovative products that resonate.”
The Virtual Express user experience is smooth and quick. A customer simply clicks a secure link in a welcome email, accepts the terms and conditions and can then choose to shop online immediately or provision their payment to their preferred wallet to shop anywhere mobile wallets are accepted.
Virtual Express, as with all of Wirecard’s digital payment technologies, combines the company’s core strengths - including robust data collection and analytics, innovation, and global payments and banking expertise - to optimize customer relationships .