Is overspending your pet peeve? Grab yourself a nugget from our FinTalk wisdom.
Irrespective of whether it's business or pleasure, spend control can be a huge bugbear. To tame the beast and bring it to submission, you need a potent weapon like prepaid cards.
Slated to reach a whopping $4.1 trillion by 2027, prepaid cards are a fast-growing favorite among businesses, banks, NBFCs, and end consumers. Thanks to key features such as zero liability protection, dynamic spend control, just-in-time funding, and multicurrency wallet, these iconic cards are safe, cost-effective, and convenient.
Government entities, banks, and businesses issue prepaid cards (shown below) to cut costs, reach more beneficiaries/customers, increase revenue, and enhance loyalty and lifetime value.
Though issuing prepaid cards is highly beneficial for businesses, the process is fraught with challenges below.
Finding a BIN issuer (Bank Partnerships)
Transaction risk management
Compliance (ACS & PCI-DSS)
Gliding through these challenges will be a breeze if you have the right API partner for card issuance and program management. Seek out deep domain expertise, experience, and network strength while looking for issuance partners.
Remember, APIs should be your holy grail for prepaid card issuance. To know more about the prepaid cards and strategies for GTM and program management, check out our Prepaid Cards 101 blog.
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