Consumers Find Convenience, Security in Digital Wallets

Thursday, July 13 at 10:00 AM
Category: Personal Finance

It’s no secret mobile phones serve consumers as more than just a communication device these days.

Smartphones alternate as cameras, navigation tools, encyclopedias and other resources on a daily basis. And as digital devices offer more and more, the more irreplaceable they become to those same consumers.

Enter the digital wallet of the 21st century. Payment options like Apple Pay™, Android Pay™ and Samsung Pay are increasing in popularity among the digital consumer. This means more and more smartphones also are alternating as wallets for many consumers.

This is especially true among Millennials. According to an August 2016 study published in The Financial Brand, 21 percent of these digital natives don’t carry or use cash for purchases, and 53 percent choose to pay only by debit or credit card. The shift in payment preferences is also growing among consumers of other age groups, as they become more familiar with the benefits of using a digital wallet.

Arvest Bank believes mobile payments are an easier and safer form of payment than most consumers realize, and digital wallets have the potential to be the dominant form of payment in the future, although cash and credit will always be options.

The biggest advantage of the digital wallet is convenience. Consumers can leave their traditional wallets at home and use a mobile payment option for everything from ordering coffee to shopping to ride sharing.

The potential for identity theft gives wary consumers pause when it comes to trusting technology with their money, but financial experts say contactless payments are more secure than using cash or a debit or credit card. Whereas cash can be lost or stolen, and debit or credit cards can be compromised, digital wallets offer multiple layers of protection against identity theft.

A customer’s account number that is stored in a digital wallet is never shared with the merchant. Instead, the technology in the phone produces a different code for every transaction, greatly lowering the chance for identity theft. Many digital wallets also require a password or fingerprint to authorize and finalize payment, which is added security in the event a phone is lost or stolen.

Integration with pre-existing loyalty and coupon programs is another driver of mobile payment adoption, and web-based data and statistics company Statista projected mobile payments to rise from less than $10 billion in 2015 to more than $300 billion in 2020 in a recent report.

Similar to mobile phones, digital wallets are becoming more comprehensive in what they offer. As consumers increase their adoption and fuel broader integration among retailers, the future of the digital wallet could expand well beyond users’ expectations.

Tags: Financial Education, Mobile Banking, Technology
 

Android Pay and Samsung Pay Compatibility Delayed

Tuesday, November 22 at 08:00 AM
Category: Arvest News

Android Pay and Samsung Pay availability to Arvest debit and credit cardholders has been delayed. Arvest is not able to move forward with the launch of Android Pay and Samsung Pay until our card processing partner completes its work. At this time we do not have a release date. We understand this is disappointing for you, our valued customers, and for us. We apologize for previously communicating Android Pay and Samsung Pay would be ready in late 2016.

Once Android Pay and Samsung Pay are available we’ll announce it on Facebook and Twitter

We’re sorry for this delay and are anxious to bring this capability to our customers.
 
Tags: Mobile Banking, Technology
 

6 Tips to Spring Clean Your Finances

Monday, April 25 at 09:50 AM
Category: Personal Finance

For many Americans, spring is a time to clean, sort and tidy up around the house. As you dust your shelves and rid your home of clutter, consider setting aside some time to organize your finances.

“The arrival of spring motivates people to renew their surroundings, and what better way to focus that momentum than to check off everything on your financial to-do list?” asked Corey Carlisle, executive director of the ABA Foundation. “Taking stock of your finances and planting the seeds of new saving habits today will go a long way toward alleviating pressures on your pocket throughout the year.”

The American Bankers Association* recommends these six tips to help you refresh your finances:
  • Evaluate and pay down debt. Take a look at how much you owe and what you are paying in interest. If there are better rates available now, consider requesting a lower credit card interest rate or refinancing your mortgage. Begin paying off existing debt, whether that’s by chipping away at loans with the highest interest rates or eliminating smaller debt first. 
  • Review your budget. A lot can change in a year. If you’ve been promoted, had a child, or become a new homeowner or renter, be sure to update your budget. Determine what expenses demand the most money and identify areas where you can realistically cut back. Develop a strategy for spending and saving and stick to it.   
  • Check your credit report. Every year, you are guaranteed one free credit report from each of the three credit bureaus. Take advantage of these free reports by requesting them at annualcreditreport.com* and check them for any possible errors. Mistakes can drag down your score and prevent you from getting a loan, or cause you to pay a higher than necessary interest rate.  
  • Download your bank's mobile app. Manage your finances from the palm of your hand. With the click of a few buttons, you can make a deposit or access a record of recent transactions. Be sure to download the latest updates when they are available.
  • Sign up for e.Statements and mobile alerts. Converting to paperless billing will help keep your house — physically and financially — more clean and organized.
  • Set up automatic BillPay. By signing up for automatic bill pay, you won’t have to worry about a missed payment. You can set it so money is withdrawn from your checking account on the same day each month.
As you spring clean your finances, you’ll receive that same satisfaction you get after doing a thorough cleaning of your home!
 
Information courtesy American Bankers Association.

Links marked with * go to a third-party site not operated or endorsed by Arvest Bank, an FDIC-insured institution.

Tags: Debt, Financial Education, Mobile Banking, Technology
 

New Mobile Website is Here

Tuesday, February 23 at 09:00 AM
Category: Arvest News

Our new mobile site is now live and features:

  • A fresh look and feel
  • An easy-to-use tool to view all of our specialty debit cards
  • The ability to check Arvest Visa® Gift Card balances
  • An improved branch locator
Check it out for yourself by visiting arvest.com from your mobile device.

When you log in to mobile banking on the new site, your login ID and password will remain the same.

If you have questions or difficulties logging in to your mobile banking from the website, please call (866) 952-9523.
 
Tags: Mobile Banking, Technology
 

New Mobile Website Coming Soon

Monday, February 15 at 08:30 AM
Category: Arvest News

We’ve got a new, upgraded mobile site coming soon! Our new mobile site will feature:

  • A fresh look and feel
  • An easy-to-use tool to view all of our specialty debit cards
  • The ability to check Arvest Visa® Gift Card balances
  • An improved branch locator
You can get a sneak peek of all this and more by visiting m.arvest.com from your mobile device.

When you log in to mobile banking on the new site, your login ID and password will remain the same.

If you have questions or difficulties logging in to your mobile banking from the website, please call (866) 952-9523.
 

 
Tags: Mobile Banking
 

Arvest Bank to Participate in Apple Pay

Tuesday, October 21 at 09:00 AM
Category: Arvest News

Update 10/12/15: Arvest Debit, Credit and Spending Cards are now available in ApplePay! Learn more at arvest.com/applepay.

You likely have heard the announcement from Apple about the availability of Apple Pay, allowing iPhone 6 users to make purchases at participating retailers directly from their phone. Apple worked only with six banks in advance to make Apple Pay available; all other banks were unable to begin the process to sign agreements and begin work until late September.  Arvest is working with our processors and other teams on the technical integration to make Apple Pay available to our customers. Because we are working as quickly as possible, we are unable to provide a firm date. Our goal is to bring Apple Pay to you as soon as possible; we are dependent on some of our processing partners and it may not be available for a few months. For more information, please read our release below which announced our intent to participate.

LOWELL, Ark. — Arvest Bank has reached an agreement with Apple, Inc., which will make the Apple Pay mobile wallet system available to Arvest customers. Arvest is one of the first regional banks to announce its participation in the mobile payment system first introduced by Apple on Sept. 9.

Apple Pay allows customers to load credit and debit cards from participating banks into an iPhone 6 or iPhone 6 Plus, then simply hold the device near a contactless reader. According to Apple, there are approximately 220,000 locations with contactless readers in the U.S. Partnering retailers include Subway, McDonalds, Petco, Walgreens, Staples and Whole Foods, among others. Customers also can use Apple Pay to make purchases online through online retailers with apps that integrate Apple Pay, such as Target, Starbucks, MLB.com and Open Table. Additional retailers are expected to begin accepting Apple Pay payments in the near future.

“Arvest Bank is excited to partner with Apple to offer this service to our customers,” said Jason Kincy, Director of Marketing for Arvest Bank. “We embrace mobile technology that provides added convenience for our customers, and Apple Pay will give them a quick, easy way to make everyday purchases using a mobile device. With this agreement in place, we are working on integrating this new payment method into our processing and we anticipate making it available to our customers in the near future.”

Large banks already partnered with Apple in Apple Pay were announced with the launch of the system. They include Bank of America, Chase, Citi, Wells Fargo, American Express and Capital One. The system is also partnered with card-issuers American Express, MasterCard and Visa.

Apple’s newly introduced iPhone 6 and iPhone 6 Plus have Near Field Communication (NFC) chips that allow the device to communicate with other devices within a range of about one inch. They are currently the only iPhones able to make in-store “tap and pay” purchases.

Once cards are uploaded into the iPhone 6 or iPhone 6 Plus, Apple will verify the card with the customer’s bank for security and validity. A virtual “token” link between that card and that specific phone is stored in the Passbook app. The “token” number will not work on any other device or phone.

Tags: Mobile Banking, Press Release, Technology

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