The volume of global retail turnover is rapidly increasing year on year. But with the advent of the COVID-19 pandemic, online shopping has increased. The increase in electronic payments was facilitated by the fact that people had been self-isolating for a long time. In such an environment, businesses needed to quickly adapt to change, improve their processes, and enhance their service. It was crucial not only during the pandemic but also now, as any company wants to remain competitive in the market.
One of the methods of achieving such results has been using solutions that help manage costs and settle accounts with customers online. Some of the most popular developments are card-issuing platforms. This software allows not just to issue physical and electronic payment cards, but also to manage the card program fully.
What is a card-issuing platform?
We often go to the bank to get a payment card. In the future, we will also need to contact the banking institution that issued the card for all questions regarding the card. This is not always comfortable for a private person, and it is not acceptable at all for a company with dozens or even hundreds of corporate cards. It is much more convenient when a company issues its payment cards and controls its card program without the participation of third-party organizations.
Special platforms for card issuance have been developed for this purpose. A striking representative of this type of software is the Wallester platform. We will consider its example to consider the main functions, advantages of use, and further prospects for the development of such solutions.
Main functions of the card issuing platform
Card issuing platforms are designed primarily to issue physical and electronic cards for any purpose. But this software has a lot of other functions:
- Spend control. You can set limits on all cards of the program at your discretion, re-issue cards in case of loss, or expiration, block and unblock them at your discretion;
- Self-checking of card information. Every cardholder can do this with the help of a mobile application. In it, you can change the PIN code, view the CVV-code and use many other services;
- Tokenization. Any card can be tokenized to connect to digital wallets;
- Fast payment processing. Up to one and a half thousand payments can be processed simultaneously. It makes absolutely no difference in which country the transaction is made. All credits and transfers are instantaneous;
- Protection of all transactions. The 3D Secure protocol protects all financial transactions. It involves using an additional authentication step to confirm the cardholder’s identity.
The platform is multifunctional. This means that it contains many options for issuing and managing cards, as well as for controlling expenses and analyzing them.
Who is interested in such solutions?
Card issuance platforms have almost limitless prospects for use in any business sphere. It is explained by the fact that the number of mutual settlements by cards is beginning to catch up rapidly with the volume of mutual settlements in cash. It is convenient to credit wages to cards, they can be used for mutual settlements with suppliers, clients and partners. It is a universal payment solution that can be adapted to any need.
Card issuing platforms are rapidly improving, and the list of their functions is constantly increasing. Soon, all spheres of humanity will be interested in their use. At this stage, such solutions will be relevant for companies working in the following areas:
- Lending. Own card issuing platform allows such organizations to issue consumer, business or peer-to-peer loans to clients faster. Credit funds are added to such cards instantly, and credit companies do not need to communicate with banks;
- E-commerce. Marketplaces will find it much easier to pay partners and fulfil customer orders with their card program;
- Fintech. Having own card program speeds up the process of interaction with clients and increases their number;
- Banking services. Using an innovative solution for card issuance, you can save on the development of your software;
- Tourism. Travel agencies have suppliers and partners in every corner of the world. The availability of their platform for issuing cards allows such companies to quickly make international transfers and pay with partners by electronic single-use or reusable cards;
- Insurance. Proprietary card program allows insurance companies to promptly review insurance claims and make payments on them in the shortest possible time;
- Streaming. Streaming platforms can use a more modernized payment system.
Card issuing platforms can be used for more than just issuing payment instruments. They can also create savings programs, rewards, gifts, elevators, and transportation cards.
Thanks to the White Label solution, creating cards with exclusive designs is possible. Such an original card product with corporate symbols will help increase brand recognition and its client base. The cards and the mobile application for managing them will be designed in the same style.
Platforms are constantly refined and improved, with new features and tools added. It means that their potential has yet to be fully unlocked, and there will be many industries in which they will become useful.