Yes, I stole that from The Wizard of Oz which is one of my favorite all time movies. Hopefully my “oh so catchy” title grabbed your attention and directed you to this blog. First National Bank and Trust is happy to announce that we now offer our clients the ability to use digital wallets also known as Apple Pay, Samsung Pay and Google Pay (formerly Android Pay). With digital wallets our clients can use their mobile devices to make payments at participating merchants to make payments vs. inserting or swiping their debit card.
A few of our clients already use digital wallets for credit cards and have been waiting anxiously to add their First National consumer debit card. For those who may not be sure what exactly I am talking about or how it works, here is a quick break down.
What’s a Payment Token?
When we use our debit or credit cards via a payment app, a payment token is created. A payment token is a substitute number used in place of the full 16 digit debit card number (PAN). Tokenization is the process of replacing the real PAN with a unique substitute value called a token PAN. This token PAN can range from 13-19 digits and is useless to hackers. Hold on, don’t fall asleep! I know this is pretty dry but here is another way to look at it. Tokenization is the process of creating a fake name or pseudonym for your payment information to protect its identity. Imagine your debit card is in the witness protection program and the FBI gives it a fake name and moves it to Florida.
That’s great… but is it safe?
A common question I hear is whether digital wallets are safe and secure. Some of the benefits of tokenization include improved security and reduced risk of compromise because your real PAN is never captured by the merchant. This leads to reduced risk of fraud from counterfeit cards and in digital channels (online purchases). The bank and our debit card network, Shazam, monitor tokenization closely and will send out notifications when we notice a client has either successfully added their debit card to a payment app or was placed in an inactive or decline status for any reason. If you have registered your debit cards in the Shazam BOLT$ app, you will also receive a message about recent card activity (tokenization) and will be provided with a phone number to call if this was not you who initiated the process. Always use a PIN or other method on your mobile device for security and monitor your account closely using our FNBT mobile app and the Shazam BOLT$ app.
I’m in! How do I start?
You may be asking yourself, “How do I begin this new digital adventure?” Well, maybe not in those exact words but you want to know how to get started. I would encourage you to call the bank to make sure your contact information is up to date including your mailing address and phone numbers. The payment apps use the information stored at the bank for verification purposes and this information cannot be changed in the payment app for security purposes. Supply the bank with your home/mobile phone number and designate a primary contact. Next, depending on your mobile device, download the payment app and begin the process of adding a card. If your contact information is recent, your card has prior activity and there are no other red flags, it is likely your card will be added. Each payment app is a little different so follow the instructions closely. If you are not able to add your card right away, more than likely your contact information was not up to date or you are adding a brand new debit card with very little, if any, payment history. If this is the case, don’t panic. You will be prompted to call a phone number which will direct you to the Shazam call center where they will confirm your identity and provision your token.
- Call your bank to confirm your contact information is correct
- Download the payment app
- Connect your card
- If you are unable to connect your card immediately, call the number provided and confirm your identity with Shazam.
Before leaving the house with only your phone in your pocket, make sure the stores you plan to shop at accept your payment app. You can inquire at the merchant but many have the payment symbols on their registers including the more generic symbol below or the branded Apple Pay, Google Pay or Samsung Pay symbols.
Now, follow the yellow brick road to faster payments!
Questions? Call us at 217-935-2148.