Standing joke: Got a heartbeat and a phone and hopefully a job? – you can likely qualify for a store credit card. The largest provider of private label credit cards in the U.S. is enabling consumers to complete a card application from with a mobile phone.
Synchrony Financial has introduce its mApply mobile credit application product offered through Synchrony Bank which will now be available for its Payment Solutions merchants and cardholders.
The mApply product allows shoppers to securely apply for credit on their mobile devices and instantly access their approved credit line.
Synchrony Financial has processed more than 4.7 million mApplications to date, more than doubling from February 2014 to February 2015. As of January 2015 mApplications accounted for nearly 7% of total credit application volume.
Popular with many of Synchrony Financial’s Retail Card and CareCredit partners, mApply was leveraged successfully as an in-store line buster during the 2014 holiday season by a number of leading retailers. This latest generation mApply platform includes a fully redesigned user experience that has contributed to completion rates rising nearly 400% in the past year.
Synchrony Financial’s 2014 Major Purchase Consumer Study found that 79% of all shoppers surveyed agree that financing makes large purchases more affordable. Combined with the rapid growth in mobile shopping – 53% of U.S. consumers report using their mobile phone for shopping activities (Synchrony Financial Insights Study, March 2015) – it is clear why the mApply product is popular with both retailers and customers.
As of December 2014, Synchrony Financial’s Payment Solutions platform included 6.9 million active credit card accounts accepted at 119,000 locations nationwide. This includes leading retailers and merchants, manufacturers, buying groups, and industry associations across a range of markets, including home furnishings and flooring, automotive care, appliances and electronics, jewelry, home improvement and more.
With nearly 20% of all customers who interact with Synchrony Financial using only mobile channels, up 45% from 2013 to 2014, Synchrony Financial continues to offer innovative, streamlined mobile solutions for the entire credit lifecycle, from acquisition to servicing and loyalty to payments. In addition to the mApply product, mobile offerings include the mService product, which allows customers to pay bills and service their accounts on their mobile devices, and the digital card, a proprietary digital version of a Synchrony Bank private label credit card or patented Dual Card that enables in-store account lookup and mobile payments functionality. Piloted in 2014, the digital card increased activations and transactions for a significantly higher credit spend at a number of retailers and is now available to Synchrony Financial’s CareCredit customers and providers.
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