![]() ![]() So, the company aims to persuade its retail and merchant clients to work with Synchrony on development of virtual card approaches that also provide the same marketing benefits, he said.įor now, Synchrony is only allowing its digital cards to be provisioned into digital wallets from other companies, such as Apple, Samsung or Google wallets. “Our strategy is to work very, very closely with our partners to do as much as we can to get those cards into digital wallets,” Bopp said. The merchant partners still want physical cards because it’s great marketing, given their names and logos are on the plastic, but Synchrony knows consumers are segueing to digital, Bopp explained. Digital payments pioneer PayPal is also a big customer, according to the filing. Those clients include the mega online marketplace Amazon, department store chain JCPenney, hardware and appliance retailer Lowe’s and Walmart grocery affiliate Sam’s Club, based on interest and fees on loans for last year, according to its annual filing with the Securities and Exchange Commission. Overall, the company has 70 million active cards issued on behalf of its merchant partners, providing them on behalf of some of the biggest U.S. ![]() Of the 20 million in new accounts Synchrony customers open each year, most consumers are still getting the physical card, or a digital card in addition to a physical card, with the percentage that are purely digital between 5% and 10%, he said. ![]()
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