Solution Enables Financial Institutions to Enable Their Own Wallet With a Fully Branded Experience
Entrust, a global leader in identity-centric security solutions, has announced the launch of the NFC Issuer Wallet Solution for iOS, allowing European financial institutions to build their own wallet within their banking app, in addition to deploying the Apple Pay Wallet.
“Mobile NFC payment, or tap-to-pay, is a preferred payment method for a lot of consumers. Due to the absence of any existing alternative on iOS, Apple Pay has become one of the preferred wallets worldwide. This launch allows financial institutions to build their own digital wallets within their banking apps, including on iOS devices,” explained Nicolas Bruley, Vice President of Digital Cards at Entrust.
“This functionality, which has been available on the Android operating system for several years. is now available on iOS following a July 2024 decision by the European Commission mandating that Apple open the access to the NFC input on iOS devices in Host Card Emulation (HCE) mode, free of charge, amid a four-year anti-trust investigation. The decision marks a significant shift in the market and provides a substantial opportunity for financial institutions to enhance their services and innovate within the financial services sector, regardless of what mobile device the user has. We are thrilled to offer financial institutions the ability to create their own wallet for iOS, after our success on Android since 2016, spanning over 30 countries.”
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By turning mobile banking apps into digital wallets on Apple devices. the Entrust NFC Issuer Wallet Solution for iOS enables financial institutions to offer:
- Enhanced customer convenience with digitized payment cards and tap-and-pay for both Apple and Android smartphones
- Full control of the customer experience, which is very similar to that of Apple Pay, including fast and secure double-click NFC payment
- Strengthened customer relationships, increasing the likelihood of becoming the preferred payment method
- Enabling cardholders to set the bank digital wallet as the default payment app (vs. currently Apple Pay)
- Leveraging Entrust’s expertise in digital payment enablement
Creating a custom wallet in their own banking app, issuers can offer a digital-first payment and banking experience. Through this alternative payment method for cardholders, global banks and credit unions can provide additional touchpoints and a more integrated customer experience, for a higher likelihood to be top-of-wallet. Entrust has begun piloting the NFC Issuer Wallet Solution for iOS with several Tier 1 European financial institutions.
Entrust is an innovative leader in identity-centric security solutions, providing an integrated platform of scalable, AI-enabled security offerings. We enable organizations to safeguard their operations, evolve without compromise, and protect their interactions in an interconnected world – so they can transform their businesses with confidence. Entrust supports customers in 150+ countries and works with a global partner network. We are trusted by the world’s most trusted organizations.
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