American challenger bank Branch has forged a partnership with Mastercard to offer cardholders instant access to their funds with Mastercard debit card.
To do so, the bank has enabled cardholders to add the card directly to mobile wallets like Apple Pay from its Branch mobile app.
In response to the Covid-19 pandemic, the challenger bank has expedited the launch of this new service along with instant access to the virtual debit card upon signup.
The agreement will enable consumers to add the card immediately to their mobile wallets, without having to wait for a physical debit card.
Branch CEO Atif Siddiqi said: “Consumers deserve fast and flexible mobile banking services that adapt to their needs.
“As contactless payments become a critical part of everyday transactions, these new capabilities allow users to seamlessly transition between their physical and digital wallets.”
Mastercard EVP Of digital partnerships Sherri Haymond said: “Contactless payments offer safety, security, and efficiency to consumers at the point of sale.
“The capability of offering an instant Branch Mastercard debit card is part of our commitment to making the digital economy work for everyone, everywhere.”
Existing Branch Card users can update their app settings to add their debit cards to the mobile wallets.
Branch’s client base mainly includes corporates, providing financial wellness and tools to their employees.
It provides auto-budgeting, free earned wage access, opportunities to earn more income, and zero-fee banking services.
Branch has also partnered with FDIC-insured Evolve Bank & Trust to provide cardholders with a fee-free checking account and debit card.