Simplified card scheme & instant debit cards solution for crypto platforms
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Financial institutions need access to a card scheme to issue a card program. The timeline and process for a traditional platform to collaborate with a card scheme are costly, lengthy, and hectic. The process is even more complex for crypto financial institutions.
Instant debit cards are virtual cards that are easily issued and available to use. Issuing instant debit cards for the end users to spend crypto offers unlimited opportunities. Instant debit cards can also be added to mobile phone wallets such as Apple or Google Pay which makes it possible for consumers to spend anywhere without keeping a physical card.
Card issuer companies help crypto platforms offer card programs to customers without dealing with card schemes.
Understanding a card scheme
A card scheme is a payment network that processes payments using debit or credit cards. Financial institutions can become members of card schemes after which they can issue cards to the consumers. The known names for the card schemes are VISA, MasterCard, and UnionPay.
Whenever an end user makes a debit card payment, the card scheme plays a crucial role in that transaction. In a card scheme, several key holders are involved such as card holder (end-user), merchant (business), issuer (financial institution), and card scheme itself.
Striga simplifies this process for fintech and crypto companies by offering card issuance through a licensed card scheme. By integrating with Striga’s single set of APIs, businesses can issue instant debit cards, enabling users to effortlessly make everyday online transactions.
Issuance of instant debit cards to the end user
Fintech and crypto companies can issue various kinds of instant debit cards to the end users. For example, businesses can offer travel prepaid cards, rewards, BTC, or USDC cards.
Issuance of instant debit cards for the end users is straightforward. The user creates an account on the crypto app. After providing the necessary information, KYC begins. At Striga, KYC is taken care of in-house with the help of SumSub.
Once the user clears the KYC checks, he gets an option to place an order for an instant debit card which is issued within a few seconds. This allows the user to start spending money pretty much everywhere where VISA or MasterCard is accepted.
After the user pays with the virtual debit card in the desired store, the backend processing starts the same way it would begin for any MasterCard, VISA, or UnionPay card. The card issuer company then sends a request to the crypto platform. After confirming the user’s crypto balance, fiat funds are processed in real time.
Secure online transactions with payment tokenization
Payment tokenization is a security process that replaces sensitive card details with a unique digital token. Instead of sharing actual card numbers, tokens are used to process transactions.
With the growing adoption of contactless payments, tokenization is becoming essential for securing online transactions. Striga’s APIs ensure that fintech platforms seamlessly integrate secure tokenized payments.
Striga offers tokenized payments across various digital wallets, allowing end users to add their cards to Apple, Google, Samsung, Fitbit, Fidesmo, and Garmin Pay. These integrations allow users to make fast and secure payments.
Striga provides APIs to manage the lifecycle of tokens when implementing manual or push provisioning. APIs also allow businesses to handle tokenized payments and track their usage. To track which token is provisioned to which wallet, all token API responses include a request ID (requestorId).
For example, if an Apple Pay request includes requestorId: 40010030273, a type: SECURE_ELEMENT, and a status ACTIVE, it means the card is successfully enrolled in Apple Pay.
Similarly, there is a token API available that tells how the tokenized card is being used. For example, the tokenized card is either used for subscription services or enrolled in a wallet, and so on. Learn more about payment tokenization here.
Issue instant debit cards without dealing with a card scheme
Striga’s licensed card scheme and a single set of API solutions empower businesses to issue secure, tokenized instant debit cards without the complexities of dealing directly with card schemes.
With instant card issuance, effortless mobile wallet integration, and advanced security through tokenization, Striga enables end users to spend crypto securely anywhere in the world.
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