If your bank card is lost or stolen, it can take a long time to receive a new one once you've stopped payment. To avoid such problems, Société Générale has launched an instant digital bank card. This service should promote the appeal of mobile payments.
A card that can be used in the event of loss or theft
Once you've stopped using your bank card in the event of loss or theft, continuing to pay for purchases in stores or online is often an obstacle course. In fact, to receive a new card, you have to wait between 5 and 15 days, depending on the bank.
To avoid this constraint, Societe Generale offers users the option ofissuing a new card in just a few seconds, directly on the smartphone, just after having made a stop payment on the mobile application. Thanks to this solution, it is possible to continue making payments via the cell phone, with no limit on the amount other than that imposed by the bank, while waiting to receive the new bank card.
In concrete terms, after stopping payment on a lost or stolen bank card, customers receive an SMS informing them that a digitized version of their future bank card has been created. They can then use it to make payments.
Technology for iPhone and Apple Watch owners only
For the time being, the digital bank card launched by Société Générale remains reserved for iPhone and Apple Watch owners. The service should soon be extended to Android smartphone owners via the Paylib app.
The bank wishes to reassure its users that Apple has no access to their banking data or transaction information, which remains stored on the phone.
Renewed interest in mobile payment?
France is clearly lagging behind in the adoption of mobile payment compared to other European countries and the rest of the world. According to a study conducted by Statista, by June 2019, 2.2% of French people had got into the habit of paying for purchases via their mobile, a lower rate than Spain (7%) and Great Britain (6.6%). This discrepancy is mainly explained by savers' fear for the security of their banking information.
Nevertheless, containment has accelerated the growth of online shopping and mobile payments. These trends have not stopped with deconfinement. By 2022, this payment method will be worth 270 billion euros, compared with 101 billion euros in 2017, the study states.
The new solution proposed by the red and black bank should make mobile payment even more attractive. The bank, which registers between 500,000 and 1 million card cancellations each year (i.e. around 15% of its total bankcard stock), points out that "this is not a niche market".