ARCHIVES: This is legacy content from before Industry Dive acquired Mobile Commerce Daily in early 2017. Some information, such as publication dates, may not have migrated over. Check out our topic page for the latest mobile commerce news.

Allstate’s faster mobile payment option capitalizes on mobile financial services’ popularity

Allstate is revamping its digital payment method with QuickCard Pay, which takes over for its Fast Mobile e-Payment as its new focus for quick, mobile-ready payment options using the Mastercard Send system to help users pay their bills and receive payments on claims on any device.

The new option, which Allstate touts as the fastest of its kind, encourages users to make their insurance payments quickly and easily with a debit card and have payments on their claims sent to them as well, a format that is perfect for a mobile audience who are increasingly making financial transactions and using financial services on their mobile devices.

“Allstate continues to innovate on behalf of our customers and claimants,” said chief claims officer Glenn Shapiro. “QuickCard Pay gives claimants an immediate and secure payment method and helps us deliver on our promise of a fast, fair and compassionate claims experience.”

QuickCard Pay
Previously, Allstate relied on its Fast Mobile e-Payment option as the fastest payment service it provided, requiring only a credit or debit card and a mobile device or email address.

Users could simply email or send a text message through their mobile device and within minutes be able to pay off their bills or request payments on a previously-made claim.

Now, however, the new QuickCard Pay function is the insurance company’s quickest and most efficient way for consumers to pay their bills or receive payments anytime and anywhere.

The new system also allows consumers to make and receive payments through their mobile devices, but Allstate is now making use of integration with Mastercard Send, a proprietary payment service that provides a direct line of money between consumers and businesses so that payments can be shared quickly and efficiently with no middleman.

Now, consumers can use Mastercard Send to send and receive payments through their mobile devices from Allstate.

Two steps ahead
Financial services are among the most popular services used on mobile devices – especially among millennials.

A recent report found that 92 percent of millennials used mobile for financial services more than any other service (see story).

If companies such as Allstate, whose entire business model rests on the ability for consumers to make and receive payments in a timely manner, want to continue to tap into the large audience of millennials who are active on mobile with financial services, then starting with a fast, seamless mobile payment option could be the best way to go about it.

As mobile use grows, consumers are beginning to expect a baseline level of mobility in the services they use. It is now expected that financial services should be able to be completed on mobile as well as on a desktop computer.

Allstate and Mastercard are getting ahead of those expectations by expanding the ways that consumers can make and receive payments on their mobile devices.