Switch, Inc. Announces CardSavr Increases Card Usage Rates Upon Activation

The Company’s Offering Increases Revenue for Issuers and Brings
Convenience to Cardholders

SEATTLE–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/activation?src=hash” target=”_blank”gt;#activationlt;/agt;–Switch,
Inc.
, a Seattle-based financial technology company that offers the
only comprehensive platform to instantly update any card on any online
merchant site, announced today that the company’s CardSavr
service increases credit card usage immediately at activation. Card
issuers will experience higher revenue and customer loyalty numbers, due
to the enhanced convenience and access automated card provisioning
provides.

According to a 2013 Federal
Reserve Payments study
, only 56% of activated credit cards are being
used. For years financial institutions have been optimizing the issuance
process to improve activation and immediate usage rates. Programs like
instant issuance, online or mobile activation, and welcome bonuses have
been rolled out, yet a large percentage of cards are still without
purchase activity.

Issuers can either continue to try to increase card usage rates through
promotions or adopt a solution that instantly puts cards on file
everywhere cardholders make payments online at the time of activation.
Switch is the only fintech company offering a platform that provisions
cards on file and increases low card usage rates that burden issuers.

“It’s a straightforward solution to a persistent problem for every
financial institution: Reduce the credit card management hassle to
increase customer retention and overall revenue. CardSavr is an
intuitive and secure application to exponentially grow credit card usage
and diminish the pain of the payments process in the increasingly
growing realm of online commerce,” said Carol Cosby, former Mastercard
Worldwide Executive Vice President and member of the Switch Board of
Directors.

Switch’s CardSavr service enables card issuers to provide their
cardholders with automated card provisioning and updating within
issuers’ existing digital assets, anywhere cardholders shop or make
payments online. The service offers issuers the strategic ability to
broaden the reach of their cards and achieve Top of Wallet®.

The industry’s card usage data is more evidence that CardSavr can offer
an immediate impact to the bottom lines of any company intersecting with
e-commerce. “In today’s digital world, competition for issuers to reach
Top of Wallet is compounding. We automate the process of provisioning
cards to online payment sites, which makes the cardholder’s life easier
and issuer’s revenue increase,” said Co-Founder and CEO of Switch Chris
Hopen. “The machine learning capabilities of our technology continuously
adapts, and thereby reduces card usage friction for all online payments,
benefiting issuers and merchants, while also improving cardholder
experiences.”

To learn more about CardSavr, visit cardsavr.com.
The company recently unveiled details about its differentiated
technology and industry-only solutions. Access the white paper at switchme.com/whitepaper-payments-ecosystem.

About Switch, Inc.

Headquartered in Seattle, Switch creates one-of-a-kind cardholder
experiences that drive cards to Top of Wallet®. The company’s payment
card solutions protect and increase card transaction volume for issuers.
Switch’s proprietary and patent-pending autonomous browsing technology,
CardSavr, helps cardholders update any card on any site. You can learn
more about Switch at switchme.com
or follow the company on the Switch
Blog
, Facebook
and Twitter.

Contacts

Switch, Inc.
Katherine Chavez
+1 425-522-3683
[email protected]

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