U.S. Bank, the retail banking arm of U.S. Bancorp (Minneapolis, $320 billion in total assets) announced the launch of a new U.S. Bank card app for select retail partners. The new iPhone app allows users to apply for and receive on-the-spot credit to make immediate in-store purchases. Currently, the app is being piloted with REI (Recreational Equipment, Inc.), a retailer of outdoor gear and apparel, and will be introduced to other retail partners later this year. The new iPhone app is designed to expand U.S. Bank's footprint in the mobile banking space, the bank said.
The virtual credit card contains account information that the cardholder can provide to the sales specialist so purchases can be made immediately, said the bank. Furthermore, the app provides access to account management tools, such as viewing account balance and most recent transactions as well as making payments to the account. It also features a link to REI's website to shop for products. Although currently available for iPhone only, the U.S. Bank Card app will be available to Android users in the near future, according to the bank.
"The new U.S. Bank Card app provides our existing credit card partners, such as REI, the opportunity to enhance their relationship with their customers by moving the card-opening process from the checkout lane to the front of the store, using mobile technology," said Dominic Venturo, chief innovation officer for U.S. Bank Payment Services division in a written statement.