Banking challenger Branch Partners with Mastercard to Provide Instant Access to Funds and Contactless Payments
via Crowdfund Insider
Banking challenger Branch, a service provider that works with employers, has teamed up with Mastercard in order to provide cardholders instant access to their funds.
Customers may directly add their Branch Mastercard debit cards to their mobile wallets, which supports Apple Pay and Google Pay. The Branch team said they were expediting the launch of the feature due to COVID-19.
Branch offers a contactless payment solution and gives users instant access to their debit cards when they sign up for services.
As noted in a release shared with Crowdfund Insider:
“This addition allows new consumers to sign up for Branch’s fee-free checking account and add the new Branch Card directly into their mobile wallets, without having to wait for the physical card to arrive.”
A recent study by Mastercard revealed that consumers have been increasingly adopting contactless payments options, with around 80% saying they’re regularly using contactless cards, in order to remain safe during the Coronavirus crisis.
Branch says its customers now have a safer and more convenient way of conducting in-person transactions.
Atif Siddiqi, CEO at Branch, stated:
“As contactless payments become a critical part of everyday transactions, these new capabilities allow users to seamlessly transition between their physical and digital wallets.”
Users who already have a Branch Card may simply update the appropriate settings in their Branch App, which will add their debit cards onto their mobile wallets.
Branch has its own identity verification process, and mobile wallets like Apple Pay provide more safety features such as biometrics.
Branch has partnered with Mastercard and Evolve Bank & Trust, which is FDIC insured, to offer the zero-free checking account and debit card.
Sherri Haymond, EVP, digital partnerships at Mastercard, remarked:
“Contactless payments offer safety, security, and efficiency to consumers at the point of sale.”
Branch offers auto-budgeting, free earned wage access, opportunities to earn more income, and zero-fee banking. Gig economy workers, salaried employees, and unemployed people have also been using Branch, the company claims.
In March 2020, Branch teamed up with Cardtronics (CATM) and its Allpoint Network, in order to give Branch’s clients surcharge-free access to cash at Allpoint ATMs based in the US.