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The demand for transparent and competent products is at an all time high in the fintech industry. Which means, getting the customers’ attention in 2025 is going to get tougher.
This will be especially true for newer startups who are yet to find their product-market fit. Before launching the product, it’s crucial to conduct a thorough customer research and ensure the product meets the necessary regulatory requirements.
Whether you need to expand to different markets, offer a virtual payment solution, or simply iterate on your existing product, everything depends on your go-to market strategy.
Build A Solid Foundation Through Customer Research
Assuming you’re launching a cryptocurrency exchange platform where users can swap, buy and sell coins. The first step should be to figure out the target customer — the demographic, behaviour, pain points, and the reasons why they may want to use your product.
How your consumers interact with your product will vary across age groups, geographic locations, income levels and more. Figuring this out is the foundational stage of any product development. It’s how you can iterate and position to stand out from the competition.
Which brings us to our next step of setting your product up for success.
Find Your Edge And Position It For Success
Coming back to the cryptocurrency exchange platform example, you might discover that your customers want virtual crypto payments and transfers to be more practical. Depending on their spending habits, the direction you could pivot to would be to either expand your product offering or iterate on the existing product by ensuring smoother and faster performance.
While you may be tempted to expand your product line based on the market trends or to match your competitors. But is that what your customers are looking for?
Product extension should always solve an existing customer problem. For one customer segment, it could be a virtual payment card that allows direct crypto-fiat transactions, while for others, a secure exchange platform with multicurrency wallets.
Pricing And Marketing Strategy
Once you’ve figured out what sets you apart from your competitors, the next step is to create a pricing strategy that aligns with your business goals and customer preferences.
Whether your product is subscription or transaction based should be decided on factors like operational, regulatory, and production costs.Keep an eye on the competition and play to your strengths. If your product is the first in the market to solve a crucial problem efficiently, that in itself can justify the pricing. If it’s a new player in a crowded market, see how your smaller team can provide a personal touch to business solutions in ways bigger players can’t.
We can keep talking about pricing strategies but if you wish to go more in depth, check out how these guys cracked the code on it.
You’re done finalizing pricing. Now comes promoting the product in hand. You could build the best product there is but if no one knows about it, it might as well not exist. A good place to start is looking at competitor channels and where your target audience is mostly active.
Building and launching your product from the ground isn’t easy and we know it. Which is why we not only covered the go-to-market strategy in our previous blog, we also made it easier for businesses to launch within weeks — without licensing or multiple third-party partnerships.
What To Know Before Issuing A Virtual Payment Card
Before you decide to issue virtual crypto cards for your end users, you might want to conduct a thorough research. Here are some pointers.
Transaction Fee And Costs For Virtual Crypto Cards
Understand the fee structure and the price breakdown before settling on any one provider. While some may charge upfront fees, others might invoice it afterward based on card usage and activities.
For global businesses, cross border transfer fees can impact profitability based on transaction volumes and conversion rates between currencies. In such cases, choose providers that offer transparent exchange rates and fees to avoid discrepancies in the future.
What makes an online virtual debit card efficient is that once created, it can be used instantly for online transactions and with Apple/Google Pay. Businesses can monitor and review transactions from the user-friendly dashboard with features such as card freezing, blocking, transfer limit and more.
Simplified Integrations And Partnerships
Businesses must evaluate how the API solutions integrate into their product. Publicly available sandboxes are a great way to test compatibility before taking the product live. Developers can test the documentation to ensure seamless workflows, reporting, and reconciliations. For a smooth implementation, it should work well with the existing platform features as well.
Additionally, the biggest benefit of partnering with a virtual crypto card issuing company is skipping the line and launching the card program within six weeks — or sooner in case of virtual cards.
Not only do businesses save on months and possibly a year of working out card networks rules and regulations, they also save on the exorbitant fees.
Compliance And Regulations
A non-negotiable for any fintech, businesses must keep up with the latest regulations. The upcoming MiCA regulation has made it mandatory for all crypto platforms to license up for continued operations in the European Union.
Complying to financial regulations and institutions require significant capital and a dedicated compliance and legal team — which can be an excessive expense for most small to medium scale businesses.
Partnering with licensed crypto banking providers helps businesses skip this step. Before narrowing down on one provider, it’s crucial to evaluate the commitment to high transparency, security, and accountability standards.
Since regulations are evolving, the provider should be able to adapt to the changing landscape. They should be well-equipped to support crypto monitoring with KYC checks, AML reporting, and regular audits to simplify regulatory oversight.
Keeping It Compliant With Striga
Building, launching, and managing all by yourself? Leave the heavy-lifting to us as you focus on scaling your platform. Make full use of our API and in-house compliance solutions tailored to your needs and offer your end users an online virtual debit card within six weeks.
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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