Text-to-pay technology received a boost late Thursday as San Francisco-based fintech EarnUp Inc. launched a text-to-pay app for mortgage lenders.

FinTech-as-a-Service firm EarnUp is enhancing its platform to expand mortgage payment methods.Lenders and servicers using EarnUp’s platform can now enable borrowers to pay via text using their debit cards, the company announced in a Thursday (May 9) news release. The option will give borrowers more flexibility and convenience in managing their mortgage payments, the company said, and allow mortgage companies to embrace modern payment preferences.The feature offers one-click payment and gives borrowers the ability to set up recurring payments, the release said. Borrowers can pay through Apple Wallet or Google Wallet, through a text, an email, borrower portals or via call centers.The release also noted that the white-label solution will enable lenders to create tailored messages to borrowers via text based on specific circumstances, digital campaigns or loss mitigation efforts.“Our mission at EarnUp is to empower borrowers with modern, efficient financial tools,” said Brian Gunn, CRO of EarnUp. “By enabling text-to-pay using a debit card, we’re offering lenders a seamless, no-customer-code solution that enhances borrower engagement, accommodates their method of payment, and reduces the costs associated with non-digital payments.”The company also said that the text-to-pay option can help lessen fraud and protect borrowers.Payment fraud costs retailers around the globe $429 million last year, according to an April report from PYMNTS, which cited data from Adyen.Per the report, Adyen estimated that about 45% of all businesses worldwide fell victim to fraud, cyberattacks or data leaks in 2023, a 32% increase from 2022.While Adyen’s report is unclear about how many of these retailers are based in the U.S, or how many operate in the eCommerce sector, PYMNTS Intelligence data found that about 8 in 10 U.S. eCommerce merchants doing international business were victims of fraud in 2023, and nearly all of them are committed to better fortifying their businesses against fraud as a result.On the consumer side of things, shoppers are demanding more security from their eCommerce merchants.According to “Fraud Management, False Declines and Improved Profitability,” which was created in collaboration with Nuvei, 82% of firms cited stronger customer satisfaction as a main benefit of investing in tools or tech to prevent fraud — a greater share than said the same of any other benefit. Customers feel more confident and reassured when they know that their personal and financial information is protected, leading to stronger loyalty and higher engagement

SAN FRANCISCO--(BUSINESS WIRE)--EarnUp, Inc., a financial wellness fintech company, announced today that lenders and servicers will be able to use its platform to offer borrowers a convenient mortgage payment option: Text to pay via debit card.This enhancement will mark a significant advancement of EarnUp’s award-winning platform, providing borrowers with greater flexibility and convenience in managing their mortgage obligations while also empowering mortgage companies to accommodate modern borrower payment preferences.According to data from mobile trade body GSMA, it is estimated by 2025 72.6% of users will access the internet exclusively by smartphone, driving home the need for mobile first mortgage payment solutions.Key features of EarnUp's expanded platform will include:Text to Pay: Boasting 98% open rates and 45% response rates, with text to pay, lenders can offer one-click payment ease, with the option to set up recurring debits.Boasting 98% open rates and 45% response rates, with text to pay, lenders can offer one-click payment ease, with the option to set up recurring debits. Enhanced borrower engagement: EarnUp's white-label solution will allow for tailored, automated SMS communications based on specific triggers, digital payment campaigns, and proactive loss mitigation efforts.EarnUp's white-label solution will allow for tailored, automated SMS communications based on specific triggers, digital payment campaigns, and proactive loss mitigation efforts. Multiple payment options: Borrowers will be able to use their debit card to make mortgage payments conveniently through their Apple Wallet or Google Wallet, SMS text to pay, email click to pay, borrower portals, or call centers.Borrowers will be able to use their debit card to make mortgage payments conveniently through their Apple Wallet or Google Wallet, SMS text to pay, email click to pay, borrower portals, or call centers. Significant cost savings: Lenders can reduce non-digital payment costs by up to 50% and lower call center volume by approximately 20%, all while maintaining a high success rate for debit transactions.EarnUp's straightforward integration process will enable lenders to seamlessly incorporate these capabilities under their own brand, enriching borrower experiences, and fostering greater retention."Our mission at EarnUp is to empower borrowers with modern, efficient financial tools," said Brian Gunn, CRO of EarnUp. "By enabling text to pay using a debit card, we're offering lenders a seamless, no-customer-code solution that enhances borrower engagement, accommodates their method of payment, and reduces the costs associated with non-digital payments."Daniel Sogorka, industry veteran and servicing operations expert, points to the increasing demand for greater payment options, including text to pay with debit cards. “A growing number of borrowers want the reminders via SMS, with a text to pay option with their debit card,” he said