Mobile Wallets are quickly becoming a more accepted and preferred method of payment for consumers wanting to utilize their smartphones for purchases. Recognizing this growing interest and demand, Mercantile Bank has announced partnerships with multiple industry- leading Mobile Wallet providers bringing flexibility and choices to its customers. The bank has partnered with Visa Checkout, Google Wallet, PayPal, and coming soon, Apple Pay.
John Schulte, SVP Chief Information Officer at Mercantile Bank states, “We consider the Mobile Wallet as simply another extension of the opportunities that mobile devices bring to us in providing our customers with convenient ways to manage all of their financial needs. We’ve already prioritized the mobile channel as a strategic investment for the bank’s future, because we want to offer our customers the best package of convenience and personal service possible.”
With the rapidly changing landscape of mobile wallets, each mobile wallet provider is evolving to bring unique features to their wallet solution such as added security, integrated reward programs, and ease of checkout. The most recent development is with Apple Pay.
Apple Pay is used with iPhone 6 to pay in stores without swiping your cards and in apps without entering payment and contact information. Just pay with a single touch of your ﬁnger using Touch ID.
With Apple Pay, instead of using your actual credit and debit card numbers when you add your card, a unique Device Account Number is assigned, encrypted and securely stored. And when you make a purchase, the Device Account Number alongside a transaction-speciﬁc dynamic security code is used to process your payment. So your actual credit or debit card numbers are never shared by Apple with merchants or transmitted with payment.
“Mercantile Bank’s goal with Mobile Wallet solutions is to curate for our customers the best set of choices to match their unique needs, and make them seamlessly integrate into Mercantile Bank’s existing mobile and online banking tools. As always, we want to match these new tools with the best local banking support available when you need it. Having choices means no compromises are required. Our customers get to pick which mobile wallet(s) fit their financial needs, purchasing habits, and lifestyle.” said Schulte.
About Mercantile Bank Corporation
Based in Grand Rapids, Michigan, Mercantile Bank Corporation is the bank holding company for Mercantile Bank of Michigan. Mercantile provides banking services to businesses, individuals and governmental units, and differentiates itself on the basis of service quality and the expertise of its banking staff. Mercantile has assets of $2.9 billion and operates 53 banking offices serving communities in central and western Michigan. Mercantile Bank Corporation’s common stock is listed on the NASDAQ Global Select Market under the symbol “MBWM.”