Branch Launches Mobile Wallet Capabilities to Provide Immediate Debit Card Access
New Contactless Payments Solutions Offer Workers Faster, Safer Way to Make Payments
MINNEAPOLIS, June 16, 2020 /PRNewswire-PRWeb/ -- Branch, the challenger bank that works with employers, today announced that it has partnered with Mastercard to offer cardholders instant access to their funds with Branch's Mastercard debit card by directly adding it to mobile wallets like Apple Pay from the Branch mobile app. Expediting the launch of this feature in light of COVID-19, Branch not only delivers users a contactless payments solution for transactions, but also provides users immediate access to their debit card upon sign-up.
This addition allows new consumers to sign up for Branch's fee-free checking account and add the new Branch Card directly into their mobile wallets, without having to wait for the physical card to arrive. According to a recent study by Mastercard, consumers are showing increased adoption of and preference for contactless payments, with approximately eight in 10 stating that they are now using contactless cards, citing safety and cleanliness as key drivers.[1] With merchants rapidly adopting contactless payments to increase the safety of their employees and consumers, Branch users now also have a safer, more convenient way of conducting in-person transactions. Once a user completes the sign-up process, they can quickly access their new Branch Card via their mobile wallet.
"Consumers deserve fast and flexible mobile banking services that adapt to their needs," said Branch CEO Atif Siddiqi. "As contactless payments become a critical part of everyday transactions, these new capabilities allow users to seamlessly transition between their physical and digital wallets."
Users who have already received a Branch Card can update their app settings to add their debit cards onto their mobile wallets. Along with Branch's identity verification process, mobile wallets like Apple Pay offer additional safety features including biometrics. With a shared commitment to financial inclusion, Branch partners with Mastercard and Evolve Bank & Trust, which is FDIC insured, to provide the fee-free checking account and debit card.
"Contactless payments offer safety, security, and efficiency to consumers at the point of sale," said Sherri Haymond, executive vice president, Digital Partnerships at Mastercard. "The capability of offering an instant Branch Mastercard debit card is part of our commitment to making the digital economy work for everyone, everywhere."
Branch primarily works with employers to provide financial wellness and tools for their hourly workforce, including auto-budgeting, free earned wage access, opportunities to earn more income, and zero-fee banking. Gig, salaried, and unemployed workers have also turned to Branch for more transparent, flexible financial services.
[1] According to a Mastercard global consumer study conducted between April 10-12, 2020 among 17,000 consumers in 19 countries worldwide, nearly eight in 10 say they use contactless payments. For more, visit Mastercard's Content Exchange: https://mastercardcontentexchange.com/
About Branch
Branch is the only challenger bank that partners with employers to help Americans grow financially. Employers turn to Branch to reduce the costs of paper checks and paycards by offering Branch as a free financial wellness benefit and banking alternative. Employees that sign up with Branch can receive a zero-fee bank account, debit card, free instant access to earned wages, tips, and mileage, and auto-budgeting tools to help them manage their cash flow between paychecks. Branch has partnered with some of the nation's largest employers and is adding new employers daily in retail, restaurant, logistics, manufacturing, and healthcare. To learn more about Branch, visit http://www.branchapp.com and follow us on Twitter, Facebook, and LinkedIn.
SOURCE Branch
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