Card issuers have long feared that third-party mobile wallets would erode their brand power by rendering them an invisible part of the payment process — and issuers like Barclays and TD Bank are finding ways to fight back.
Barclays is one of the top five cobranded card issuers in the U.S., but because the bank has no branch network it must use unconventional marketing approaches — and unique technological innovations — to win customers.
Barclaycard is piloting a service to deliver instant digital purchase receipts to customers through a partnership with fintech startup Flux, which launched last year with the aim of eliminating paper receipts.
Many companies in financial services say they want to be the next Uber. But the reverse may also be true, with the ride-sharing company adding a cobrand card that can be managed from within the Uber app.
Barclays Plc will need to defend its advantages in the payments business from encroachment by technology companies including Amazon.com Inc. and Apple Inc., according to Chief Executive Officer Jes Staley.