Fintech Industry and White Label Prepaid Card Programs are Logical Fit When It Comes to Revenue Growth, According to Axiom Prepaid Holdings' CEO
There are few industries that can benefit more from the explosion of prepaid cards than the financial technology (fintech) industry. At least, that's what
In the simplest terms, the white label programs to which he refers put companies' names and logos front and center on a prepaid card. Axiom – which is a global provider of end-to-end payment solutions that include Mastercard® and Visa® prepaid cards - rolled out its white label program last year to great response. In particular, from microlenders, banks and especially, fintech businesses.
"Fintech is all about improving and automating delivery of financial services. So, it stands to reason that these organizations would lead the way in using prepaid cards to further their visibility and income," explained Foster.
Spending on goods and services via prepaid, debit and credit cards is expected to grow from 2018's
Branded prepaid cards can be offered via app or physical card and encompass travel cards, gift cards and general use cards. They can be used to pay commissions, reward loyalty, and distribute compensation to customers, agents and affiliates while also offering a cost-effective alternative to traditional corporate payroll programs and investment advisory services.
"Our customers in fintech seem especially attracted to the advanced digital tools that we use to power our white label programs and provide vital safeguards to prevent fraud and theft and ensure regulatory compliance," said
Axiom's white label programs include custom card design along with current fee structure, fund distribution channel and mobile and desktop solutions. The program's front-end comprises a website and web portal tied into iPhone and Android apps for card management, sending payments, and any enhanced card services. Its back-end comprises administrative portals, API connections and secure encryption for sign-ups, KYC, sponsor banks, call centers and fulfillment centers.
Standard features on cards include things like card-to-card payments, ATM access, a loyalty program, peer-to-peer transfer, direct deposit and spend tracking.
"Year over year since 2006, prepaid card use has grown. We are in an increasingly cashless society and we are using our expertise to help clients maximize the resulting business opportunities. 2020 is the year where we take our tech to the next level and add other features like credit reporting and microloans to the suite of services available in our white label programs," "And if history has any bearing, fintech will be among the first to take recognize the benefit and advantage of that."
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