Let’s be honest, no one enjoys the tedious process of pulling out their credit card and manually entering those long card numbers, expiry dates, and CVV codes every time they shop online. It’s a hassle, it takes time, and let’s face it, it increases the chances of making mistakes.
So, What’s the Big Deal with Saved Cards?
Think about your favorite online stores. Chances are, you’ve already saved your card details with them. Why? Because it makes checkout a breeze! With saved cards, you can complete your purchase with just a few clicks, no more fumbling for your wallet.
But here’s the thing: wouldn’t it be amazing if you could save your card once and have it instantly available across all your favorite online stores?
Enter Razorpay Push Provisioning, a game-changer that’s about to make your customers’ online shopping/buying experience a whole lot smoother.
Push Provisioning: Your Card, Your Way
Razorpay Push Provisioning leverages the trusted bank ecosystem, allowing customers to securely save their cards with multiple brands in a single click, directly from the issuer platform. This eliminates the need for cumbersome manual card entry at each checkout, paving the way for a frictionless and rewarding payment experience. No more repetitive data entry, no more frustration for the customers.
Key Benefits of Razorpay Push Provisioning
- Strategic Card Tokenization at the Time of Card Activation
Imagine a customer receiving a new credit card. Traditionally, they would need to manually enter their card details at each online merchant where they wish to save their card for future use. This process is time-consuming and can lead to frustration and abandoned carts.
Razorpay Push Provisioning solves this problem by integrating with your trusted bank and issuer platforms.
Here’s how it works:
- Activate your new card: When you receive a new card, you’ll activate it on your bank portal app. Right there, you’d be presented with an option to tokenize it with a list of your favorite brands like MakeMyTrip, Blusmart to name a few.
- Choose your favorites: Select the merchants where you want to save your card, and you’re done! Your card is instantly tokenized and ready to use.
- Seamless checkout: The next time you shop at those merchants, your saved card will be automatically available at checkout. Just select it and complete your purchase in seconds.
This strategic approach capitalizes on the customer’s high intent to use their new card, leading to increased tokenization rates and a smoother onboarding experience.
Example: A customer activates their new HDFC credit card through the HDFC mobile banking app. During the activation process, they are presented with an option to tokenize their card with popular merchants who have partnered with us like MakeMyTrip, StartQuik, Ferns&Petals, Akasa Air, with a single click.
- Powers 3.3x Higher Spending with Saved Cards
Customers with saved cards tend to spend significantly more than those who don’t. This is because saved cards offer convenience and encourage repeat purchases. Push Tokenization amplifies this effect by making it easier than ever for customers to save their cards with multiple merchants.
By increasing the number of saved cards, Razorpay Push Provisioning drives higher spending and boosts customer lifetime value (CLTV). Merchants benefit from increased transaction volumes and larger average order values, leading to significant revenue growth.
Use Case: A frequent online shopper who has tokenized their card with their favorite food delivery app is more likely to order food more often due to the ease of payment, leading to increased spending on the platform. Think about the seamless checkout experience at the Diljit concert ticket sale—where HDFC Pixel cardholders save their cards instantly and glide through payments without a hitch.
- High-Intent, Contextual Targeting to Acquire New Customers
Push Provisioning presents a unique customer acquisition channel for businesses. By partnering with issuers, merchants can target specific customer segments who are actively looking to use their newly issued cards. This contextual targeting allows for highly effective acquisition campaigns, potentially reducing customer acquisition costs (CAC) compared to traditional methods.
Example: Let’s talk about how businesses can grow by leveraging targeted campaigns. For example, in hyperlocal delivery, imagine a food delivery service expanding into smaller cities, like Tier 2 and Tier 3 regions. These areas are often underserved, and there’s a huge opportunity for businesses to step in and offer something tailored. Brands can use hyperlocal targeting to increase market share in new geographies by partnering with local restaurants and offering special discounts for first-time users in these areas. This precise targeting allows them to engage with customers who previously had limited options, and in doing so, they’re driving conversions and market penetration in new regions.
- Turning Card Savings into a Personalized Rewards Engine
Razorpay Push Provisioning transforms card saving into a rewarding experience. Issuers can partner with merchants to offer exclusive deals, cashback, or loyalty points to customers who tokenize their cards. This incentivizes card saving and fosters stronger customer relationships.
Furthermore, the platform can be leveraged to deliver personalized recommendations and offers to customers based on their spending patterns and preferences. This creates a highly engaging and rewarding experience, encouraging customers to use their saved cards more frequently.
Use Case: A travel booking platform can partner with a bank to offer exclusive discounts on flight bookings to customers who tokenize their cards through Push Provisioning. This not only encourages card saving but also drives bookings and revenue for the platform.
Conclusion
Razorpay Push Tokenization is a paradigm shift in the digital payments landscape. By simplifying card saving, boosting spending, enabling targeted customer acquisition, and creating a personalized rewards engine, Push Tokenization empowers businesses to unlock the full potential of saved cards. This innovative solution is poised to revolutionize how we pay online, creating a more convenient, secure, and rewarding experience for everyone.
