Synchrony Financial 's SYF Care Credit launched its innovative digital card, which will facilitate mobile payment functionality for all CareCredit cardholders and providers.
The digital card saw success with a number of Synchrony Financial retail partners in 2014, and gives cardholders access to a digital version of their CareCredit healthcare credit card on their mobile device, thus removing the need to carry their card with them at the time of care.
The digital card is effortlessly integrated into CareCredit's present mobile servicing site, thus allowing cardholders to directly service their accounts on mobile devices. Hence, the card is especially useful for existing CareCredit cardholders who drive nearly half of all CareCredit purchase volume.
Being "device agnostic," the digital card does not need any new hardware or mobile application download, and offers flexibility and ease-of-payment through any accepted mobile wallet or existing point of sale method. The digital card sets up a secure customer enrollment and authentication process, and after the initial set-up, it is easily accessible by entering a PIN selected during the enrollment process.
CareCredit mobile website has seen year-over-year growth of over 59% in unique visitors to the site. The card will address this rise in mobile engagement by CareCredit customers and offer secure mobile payment options for any digital wallet that customers and providers prefer. The company estimates that around 9 million cardholders and 186,000 healthcare practices stand to gain from the new mobile payment functionality.
Synchrony Financial and CareCredit seem to be at the forefront of mobile payment technology, and are dedicated to working with all third-party digital wallets, including Apple Inc.'s AAPL ApplePay, Samsung Pay, MCX (CurrentC), etc.
Last year, industrial conglomerate General Electric Company GE floated a chunk of its North American retail credit business Synchrony Financial, with plans to complete the separation this year. Since then, shares of Synchrony Financial have given an impressive return, gaining nearly 39%.
Synchrony Financial presently holds a Zacks Rank #2 (Buy). Another notable stock in the financial - miscellaneous services industry is Blackhawk Network Holdings, Inc. HAWKB , sporting a Zacks Rank #1 (Strong Buy).
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