This Bank’s New App Substitutes for Physical Credit Cards
The tap-to-pay app has been launched by EastWest Bank in partnership with Visa and links a user’s credit card to an Android smartphone. Here’s how it works.
The year 2023 is shaping up to be an exciting year full of milestones and achievements for EastWest Bank. Earlier this year, the bank’s very own Isabelle Gotianun Yap—who launched its digital banking service Komo—was named one of the nearly 100 members of The Forum of Young Global Leaders.
Now, the bank has successfully launched its new tap-to-pay app that lets users do away with physical credit cards. The app was launched in partnership with Visa. “You don’t want anyone knowing your card number so what it does is it’s tokenized,” EastWest Bank’s Credit Cards Business Head Aylwin Herminia Tamayo explains.
“It uses a different number whenever you transact and that number, no one can reuse it,” she adds.
How the Tap-to-pay App Works
This innovative feature of EastWest Bank’s new app links the user’s credit card to his or her Android smartphone. When making a purchase, all the user has to do is tap the linked smartphone on the merchant’s Point of Sale (POS) terminal.
Moreover, EastWest Bank has assured that security measures have been placed to combat fraud. The app has biometric features, among others.
It should be noted that the app is not available to debit card holders or deposit clients as of press time. However, the bank is working to make the app available to these clients in three to four months.
Can This App Benefit Businesses?
EastWest Bank’s new tap-to-pay is clearly beneficial to consumers as it is a hassle-free payment method that can be used in lieu of a physical credit card. But can this app be beneficial to businesses as well?
According to EastWest Bank itself, the answer to that question is yes as it speeds up the processing of transactions. “With QR, you have to scan the QR code, [and] enter the payment amount. With NFC, you do not have to do any of that,” says Consumer Business Systems Head Efren Dela Cruz, Jr. “So from the point of view of the business owner, he will be able to process and satisfy more customers.”
It should be noted that NFC stands for “near field communication” and it is “what enables two devices to communicate wirelessly when they’re close together,” according to Square. QR, on the other hand, stands for “quick response.”
As cashless and even cardless transactions continue to become popular here in the Philippines, such innovations like EastWest Bank’s new app allows businesses and consumers alike to keep up with the times. It also makes the payment process more efficient, which will be beneficial for the economy in the long run.