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Multicurrency exchange wallets have gained momentum amongst crypto enthusiasts and for all the right reasons. When one single wallet can safekeep all your currencies for exchange and transactions, managing assets becomes easier.
But here’s the thing. Users storing and exchanging cryptocurrencies want to spend these just as easily. Especially when the crypto payment cards these days have cashback rewards, loyalty programs, and direct payment options.
Some would say you’ll forget your bank even exists.
For this purpose, crypto platforms are expanding their product offerings to meet consumer needs. Striga solves this payment gap with its real-time conversion virtual crypto cards, providing a more sophisticated solution to a rather tedious issue.
One Virtual Crypto Card, Multiple Use Cases
Despite crypto being a popular asset, the majority of vendors don’t accept direct crypto payments, or are simply not equipped to handle transactions. For end users, this means prefunding their account with fiat each time they wish to pay with crypto.
Time consuming and old school.
Keeping these issues in mind, we created Striga virtual crypto card that allows users to make direct payments at a PoS without worrying about offramping to fiat first. Available as both physical and virtual cards, the real-time currency transfers reduce dependencies on traditional banking institutions, which might at times even freeze user accounts when making crypto transactions.
Users also weigh out cards based on the crypto rewards percentage. An attractive rewards scheme can incentivise customers to sign up for the cards program, resulting in fewer drop-offs for businesses. The crypto payment cards market is highly competitive with brands offering lucrative deals and encouraging crypto off ramp and on ramp from the same platform.
The added rewards feature means travel and cross border payments have also become seamless, cheaper, and much more accessible. Direct payments mean there’s no need for unnecessary bank transfers and paying exorbitant exchange rates. Fewer intermediaries mean less time required processing payments resulting in instant settlement — unlike SWIFT that can take up to 3-5 business days.
Overcoming The Virtual Crypto Payments Challenge
Although there’s a strong demand in the market for solutions that allow users to easily pay with crypto, the way out for businesses isn’t as easy.
Meeting regulatory compliance and managing multiple partnerships is a heavy burden on most small to medium scale businesses. On top of that, product development takes up additional man-hours, further slowing down the launch.
Striga’s card program is built as an all-in-one integrated solution for startups looking for a quick market launch without any licensing or development hassle. It’s a neat end-to-end API solution that takes care of compliance and tech development.
Working with card networks would take more than a year and an exorbitant amount of fees to launch. Not only that, but depending on the licensing route you take, the requirements can vary.
For example, if you decide to go down the regulatory license track, it will need a dedicated administration team, considerable capital, and an extensive in-house compliance expertise.
However, if you choose to partner with a network sponsor, the route is fairly straightforward and doesn’t require any licenses. In this case, the cards program partner takes care of all the operational and compliance needs and works best when the companies don’t have the in-house expertise. Partnering with a card program manager means you can go to market within 3-6 months and avail other services such as due diligence, KYC, AML, and fraud checks.
An All-In-One Packaged Solution — Crypto Payment Cards
Financial inclusivity starts with making payments practical and accessible. Striga’s crypto banking solutions’ simplified integration of financial services and technology bridges the gap felt by crypto users and startups across the board.
Sounds like something your business needs? Simply leave us a message.
Striga Crypto-native Banking as a Service:
Your path to building and launching financial products
Join the financial businesses that use Striga’s cloud platform to delight their customers and launch their own products without the complexities that come when dealing with core banking solutions’ relationships, licensing, compliance and payments methods.
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