Synchrony Expands Digital Payment Capabilities for Partners and Customers

Through a combination of smart investments and Agile methodology, Synchrony has steadily built a payments technology arsenal that provides partners with advanced contactless solutions.

FREMONT, CA: Synchrony, a premier consumer financial services company, is rapidly deploying digital technology solutions to help ensure a safe, seamless, and socially distant experience for every stage of the payments process, such as applying for credit, completing the transaction, and paying a bill or servicing an account. Synchrony even has digital gifting technology for the holidays.

As businesses meet consumers' digital needs in the COVID era, Synchrony is increasing its digital capabilities for partners and their customers across all channels. Consumers can apply for a credit card on their device (in-store, at home, or anywhere), add a new credit card into their digital wallet, transact with contactless cards, and make monthly card payments. As a result of the company's investments in technology capabilities and customer friendly tools, an estimated 70 percent of Synchrony's credit applications in the second quarter were completed digitally. Approximately 80 percent of Synchrony's total bill payment transactions are processed electronically through digital channels and phones.

"The pandemic made touchless shopping a necessity, and now that consumers are more familiar with contactless commerce, there's no sign they'll stop," said Carol Juel, executive vice president, and chief information officer, Synchrony. "Synchrony is well positioned to help our partners meet this moment of rapid change."

Synchrony's latest contactless solution is called "Direct to Device," a patent-pending technology that provides an efficient contactless experience for customers using their smartphones. The technology enables a transfer of data between the business and customers' mobile devices in-store. For example, if a customer shops in-store and wants to open a line of credit, the business can send the application to the customer's mobile device through email or QR code.

The customer then uses Synchrony's patent-pending dApply technology to safely and securely apply for credit. dApply allows the customer to authenticate themselves and have their application prefilled with basic information like their name, address, and phone number just by entering the last four digits of their social security number. This leaves only a few fields left to complete, reducing the overall time and effort.

Credit decision is made in seconds, in partnership with mobile authentication technology from Prove. The data and information is entered by the customer, and if approved for credit, the card can be provisioned/added into the customer's wallet for immediate use.

Direct to Device technology was brought to market when Verizon and Synchrony launched the first Verizon co-brand credit card earlier this summer. Synchrony is working with its partners to scale this innovation across industries.