Prepaid card issuers using Cachet Financial Solutions’ Select Mobile Money white label platform can now offer their customers a way to charge Apple Pay transactions to their prepaid account balance, the company has announced.
“iPhone 6 or iPhone 6 Plus users simply click the Apple Pay icon from within their white label Select Mobile Money app, bringing their prepaid card as top-of-wallet within Passbook to securely complete the transaction with Apple Pay,” Cachet says. “The Select Mobile Money app then automatically presents the details of the transaction along with an updated account balance.”
“So let’s say that within Passbook, I have five cards. I have my Chase card, my Bank of America card but I also have my prepaid card,” Youri Bebic, Cachet’s SVP of mobile innovations, explained to NFC World+.
“When the user, from a third party app, says I want to pay with Apple Pay, they check their balance and they know they have enough money. [Then] the app automatically opens Passbook, selects the card that is linked to that application and displays it.
“For the user, it feels like they never left the environment of the mobile application. Then he has the ability, with his fingerprint of course, to perform the point-of-sale transaction. When this is done, we can take the user back to the mobile application and he or she can see the transaction history and the balance has then decreased for the value of his purchase.
“The Select Mobile Money platform was a platform that was built about a couple of years ago through a sponsorship with Visa to give the prepaid market in North America a mobile platform similar in terms of features, capabilities and robustness to mobile banking applications for your traditional checking and credit card,” Bebic says.
“Adding Apple Pay capabilities was just an extension of the suite of services that we offer through our platform to the prepaid market.
“It is available for use today. We have a few of our customers that are very interested in launching the functionality. A lot of banks initially had their debit cards and their credit cards available for tokenization through Apple Pay.
“Prepaid is next in line so it would take maybe a few more weeks, maybe a couple of months, for the banks to be available but as far as the technology itself it’s already available, it’s already in testing for our customers.”
“One of our major banking clients reports that more than 20% of their prepaid card customers use either an iPhone 6 or iPhone 6 Plus, so this new Apple Pay feature presents a significant opportunity to increase the number of transactions conducted on our mobile money platform,” adds Jeffrey Mack, president and CEO of Cachet.