The nightmare of losing or having your credit or debit card stolen then waiting weeks for a replacement card has been eliminated thanks to an Australian-first innovation by WA’s largest locally owned bank.
P&N Bank members are the first in Australia to be able to cancel a lost or stolen credit or debit card then instantly create and view a new replacement digital card through P&N's online banking or mobile app and start using it within minutes.
P&N Bank CEO Andrew Hadley said their innovative new instant digital card technology eliminates a major pain point for members.
“Imagine the convenience of instantly replacing your card within minutes if you permanently lose it or have it stolen. P&N members will be able to cancel that card and then create a new card that can be used instantly via their mobile phone – without waiting for up to 14 days for a new card to be mailed to them,” Mr Hadley said.
“This will be especially beneficial to members travelling overseas who find themselves stranded without access to their credit or debit card, causing major disruption to their holiday or business travel. As well as using the new card through their phone's digital wallet, members will have a new card number allowing them to immediately make online bookings and payments and update any scheduled payments if needed.
"And another significant benefit is that members will also have the ability to use P&N's online banking or mobile app to temporarily stop their card from being used without having to cancel it altogether. For example, if you leave your credit card at a restaurant, you can temporarily block your card when you discover it lost, sleep comforted that your card can't be used overnight, pick the card up the next day and simply remove the temporary block yourself.”
Another new innovation from P&N will allow new and existing members who open a transaction account to create and view a digital debit card instantly and commence using it immediately for transactions – the only service that won’t be available until the arrival of the physical card will be the use of ATMs.
"The ability for new or existing members to create a new account and instant digital debit card online within minutes will make the process of setting up new cards and accounts a seamless experience."
Instant digital debit card functionality from P&N is timely with a new report from the Australian Payments Network showing that debit cards are used for almost 70% of all card payments, and debit card payments grew 15.3% to 5.6 billion in 2017, up 87% since 2012.
As part of this digital role out, P&N Bank members will also have the ability to control other card attributes such as switching off features such as Tap and Pay and switching it back on again as they choose.
“While members can set up instant digital cards themselves without any need to telephone our Contact Centre or visit a branch, support will be available should they need advice or support.
“However, while we recognise that innovative digital technology is leading the way in consumer banking, as a customer-owned bank, it's crucial that we continue to provide the option of personal service either over the phone or face-to-face in a branch for those members who want to engage with us through those channels.”
The convenience of P&N's new digital offerings add to the Bank's continuing focus on digital innovation and a desire to create seamless digital experiences for their members. P&N's existing stable of digital products and services include:
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