Capital One is Speeding Up Ways to Check Out and Pay Safely
A holiday tradition marked by new shopping behaviors
December 4, 2020
Holiday shopping in 2020 looks very different than in years past. Consumers have changed their behaviors, and many agree that elements of shopping—like touching, traying and testing products in-store—can’t return until there is a COVID-19 vaccine. The need for touchless opportunities is so great that half (54%) of consumers plan to do most or all of their holiday shopping online this year, more than double last year's 22%. Companies have adapted through the creation of contactless touchpoints like home delivery, online shopping and curbside service. Online shopping has also made rewards redemption possible in even more ways than before.
No matter how people shop, here at Capital One, we’re dedicated to making it easier and more secure. At the same time, we’re investing in and building innovative products and features that look out for customers and their money—a top priority being ways for customers to speed up checkout and pay safely both online and in store.
Shopping With or Without Your Actual Card
Before the pandemic, digital wallets and contactless cards had been around as a faster, more secure and more convenient way to pay than swiping your plastic credit card. The trend increased during the pandemic, as major credit card companies reported a 40% growth in contactless transactions during the first quarter of 2020.
Digital wallets (or mobile wallets) are electronic versions of a physical wallet that can store things like credit card information, loyalty cards and even purchased tickets. With digital wallets, customers have the freedom of quick contactless transactions, which can come in handy—especially when they’re out and about without their physical wallets.
At Capital One, we provide ways for customers to shop without swiping an actual credit card, including contactless cards and virtual card numbers:
Contactless Cards and Digital (Mobile) Wallets
With health concerns top of mind for many consumers, contactless payment and digital (mobile) wallets are now helping to address a new concern: safety. Contactless payment technology—which is available on some Capital One cards—allows users to pay by tapping their credit or debit card at any contactless-enabled payment reader and on some public transit in U.S. cities.
Most digital wallets come with an app that users can add to their computer, phone, watch or other smart device. When they’re out shopping, they can pay with most wallets by holding their devices near a terminal that has the contactless symbol (four curved lines).
According to a new joint Capital One and OnePoll survey of 2,000 people, there are many shopping habits that have caused people to hesitate and adapt, including reconsidering food samples and touching produce for freshness before purchasing. A majority of people would use their credit cards more often than cash, while 53% of respondents think contactless credit cards are a safe payment method to avoid germs, followed by using a mobile wallet feature (42%) and swiping their credit card (42%).
“Despite perceptions, transactions in contactless credit cards are just as secure as chip credit cards since they use the same technology. Contactless credit cards feature innovative payment technology to help protect cardholders from fraud so they can feel confident their information is safe,” said Ian Forrester, Senior Vice President, US Card at Capital One. “Also with contactless cards, you can check out in seconds by tapping or hovering your card on the credit card reader. Contactless cards, like the Platinum Mastercard from Capital One, are accepted at thousands of stores, including grocery stores, gas stations and restaurants.”
Virtual Card Numbers
As eCommerce massively accelerated during the pandemic, consumers have been looking for more ways to shop and pay than ever before including through virtual card numbers. Online shopping has come with concerns about how consumers can control and secure their financial information. According to a recent survey we conducted with Wakefield Research, 60% of Americans are not completely confident that they could identify all of the places where their credit and/or debit card information is stored online.
To help protect their credit card account when shopping online, consumers can use virtual card numbers at checkout instead of paying with their actual card number. Today, Capital One card customers can create virtual card numbers with Eno, the Capital One assistant. Through a free browser extension, Eno can create unique virtual card numbers for each merchant where you shop online. And because each purchase made with a virtual card number is linked back to your credit card account, you can keep earning rewards on your Capital One rewards cards. Customers can also “set and forget” their virtual card numbers, meaning that virtual card numbers will continue to work if your actual card number is replaced with a new one. And with virtual card numbers, customers can avoid unwanted charges by locking and unlocking their virtual card numbers at any time.
Shopping with Rewards and Deals
Recognizing the challenges that this year brought, we also know that shopping and traveling shouldn't be part of those challenges. As most travel stopped during the COVID-19 pandemic, Capital One adjusted to the new environment and nimbly added new reward redemption options for Venture and VentureOne credit card customers through April 30, 2021 so that they can redeem their Venture miles in three new categories: food delivery, takeout and streaming services.
Capital One also recently launched a limited-time partnership with Uber Eats, where Savor, SavorOne, Venture and VentureOne cardholders can earn 5% cash back and 5x miles respectively on Uber Eats orders through January 31, 2021. Additionally, Savor and SavorOne cardholders can now earn enhanced cash back on streaming services through April 30, 2021.
Speaking of streaming services, Capital One knows this year has presented a number of challenges to college students specifically, and is committed to providing value to them in new and different ways. To meet Capital One customers’ needs, the Journey card is now offering a $60 streaming subscription credit ($5 per month for 12 months on select streaming subscriptions when paid on time) for new account holders. In addition to the new streaming benefit, Journey is now a contactless-enabled card. Further, as customers look for touch-free ways to pay, the new Journey card has a tap-to-pay feature for contactless payment so you can check out faster while keeping your information secure. Customers have numerous other ways they can redeem their rewards including through Amazon Shop with Points and for gift cards at more than 100 retailers.
Capital One is helping everyone with tools to find great deals, shop safer online, and save money, including Capital One Shopping, PayPal Pay with Rewards, and Amazon Shop with Points:
Capital One Shopping
Capital One Shopping is a completely free tool that makes it effortless for consumers to save money by automatically searching for lower prices and coupons, as well as earn Capital One Shopping credits on purchases made online. Using intelligent, real-time technology, Capital One Shopping automates cross-site price comparisons while consumers shop, proactively locates and applies valuable active coupon codes at checkout, and provides product price tracking and alerts.
With Capital One Shopping, people can spend less time searching the Internet for price comparisons and coupon codes, and more time living their lives.
PayPal Pay with Rewards
With nearly two-thirds of US cardholders looking to rewards as a new way to buy what they need and want (according to a PayPal Spring 2020 study), Capital One is bringing our rewards card customers even more flexibility. Eligible Capital One rewards customers, such as Venture, Savor, Quicksilver and Spark cardholders, can use their rewards to shop at millions of online stores and pay for eligible purchases when they check out with PayPal.
To take advantage of PayPal Pay with Rewards, customers just need to link an eligible credit card to their PayPal wallet to enroll. Once a card is added, customers can see their available rewards balance and select how many rewards they want to put toward their purchase when they check out.
Amazon Shop with Points
Holidays or not, Capital One has customers covered with shopping rewards at Amazon. Eligible Venture, VentureOne, Quicksilver, QuicksilverOne, Savor and SavorOne, and Spark Business cardholders can use rewards to pay for their Amazon.com orders, with millions of items eligible. After enrolling an eligible card in a few clicks, customers have the option to apply rewards to cover all or part of a purchase, every time they check out.
What’s more, through partnerships and new redemption opportunities like our miles transfer program with 15 airlines, Capital One is always striving to give our customers a variety of options when it comes to redeeming their rewards.
Shop easy, fast and safe this holiday season and beyond. Learn more at: https://www.capitalone.com/digital/digitalspendingfeatures/.