In today’s episode of Hall Pass, CEO Jason Hall has a repeat guest – VP of Strategy Becky Seefeldt. Jason and Becky have an announcement regarding a digital wallet solution from BRI that plan participants can take advantage of.
Check out the video below:
For more information on digital wallets, head to the bottom of this blog and download our guide – “The benefits of your digital wallet”
Digital Wallet Announcement
Question 1: What’s going on with digital wallets?
Participants can add their Beniversal® or eTRAC Prepaid Mastercard® to their digital wallet (Apple Pay®, Samsung Pay®, Google Pay®) to pay for eligible transit and healthcare expenses. After that, participants just hold their phone over the contactless icon at a register or kiosk to make a purchase.
If you follow Benefit Resource on LinkedIn and have a subscription to the Wall Street Journal, you may have caught a sneak peak of this new feature in this article about OMNY.
Question 2: What other benefits does a digital wallet provide?
They provide a contactless experience, which can limit what individuals have to physically touch. Because the COVID-19 pandemic still affects our daily lives, a touchless experience can provide peace of mind when participants make purchases. In addition, when individuals make a purchase in this manner, they reduce the risk of fraud. This is because their card number is not passed in that transaction to the merchant.
As a result of increased use of digital wallets, more stores and kiosks will begin to offer this payment method over time.
Question 3: Where can participants take advantage of these new capabilities?
Commuter Expenses: Those with a Mass Transit Commuter Benefit Plan can use their digital wallet with OMNY for single-ride purchases through the NYC MTA. Additionally, this payment feature is available through Ventra in Chicago. In the coming years, additional transportation systems are expected to add this technology.
Healthcare Expenses: Digital wallet capabilities tend to vary based on location, especially for IIAS merchants. Participants can use the SIGIS Store Locator to identify IIAS merchants near them that may or may not have digital wallet payment options available.
In conclusion, acceptance of digital wallets varies widely and can be different from merchant location to location. However, participants can continue to access account funds through their physical card if digital wallets are not accepted.
BONUS CONTENT: The benefits of your digital wallet
|See why participants should add their Beniversal® or eTRAC Prepaid Mastercard® to their digital wallet, and:
View the full guide HERE
For the best viewing experience: Use your keyboard controls or mouse to zoom in on the Digital Wallet Guide.