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Virtual cards, as the name suggests, are digital cards added to your phone’s wallet such as Google and Apple Pay. As crypto companies seek to expand their product offerings and strive to make crypto payments more accessible and adoptable, virtual cards provide a simple and secure solution.
What more, crypto virtual cards also allow users to connect their crypto and fiat balances to avoid pre-pay or conversion before making a payment. This way, users can make daily purchases with ease, directly from their crypto account.
Why businesses should issue virtual cards
Striga’s virtual card API allows neobanks, web3 apps, and crypto companies to issue virtual cards. By removing multiple partnerships from the traditional card issuing process, Striga’s all-in-one crypto banking capabilities simplifies the process in a matter of a few clicks.
Making payments safer and more secure
Being digital only, virtual cards have the benefit of added safety. Added to the phone’s wallet, the users can lock their cards anytime they want in case of emergency.
What more, businesses can create, freeze, and unblock the cards from Striga’s portal. Additionally, with a 3D secure mobile number and password tied to the virtual card, businesses have full control over the cards program.
Allow instant payments access
Unlike physical cards, which can take a couple of weeks to issue, virtual cards are instant. Soon as the card gets issued, users can start making instant purchases. Crypto exchange wallets platforms can create virtual debit card programs that allow users to make payments without leaving the crypto ecosystem.
Manage budgeting and spending limits
Allow users to manage their spending habits by setting expense limits and restrictions through their mobile app. Other than setting transaction limits, it’s possible to also limit the type of transactions that can be done – such as online subscriptions and more.
Not just that, they can also monitor their transaction history to track expenses better.
Working with Striga’s crypto banking solutions, companies can leverage the advanced security features such as multi-factor authentication, encryption, and real-time fraud monitoring.
Enable a truly crypto forward lifestyle for your end users with a virtual card API
The true potential of crypto can only be realized once users can make direct payments the way they would with their traditional bank account. Users who receive their salary in Euros can make their daily purchases with crypto. Users can on ramp crypto to their account each month and make direct payments through the virtual crypto card for a safe and secure payment.
Here’s what the process looks like for end users looking to issue virtual cards:
First, the user creates an account in their crypto app where they complete their KYC onboarding and onramp cryptocurrencies of their choice.
Next, the user places an order for their virtual card after which they can start spending their digital currencies immediately.
Once the user swipes their card in the store, the processing begins the way it would for any Visa or MasterCard card.
The card issuing company then sends a Just-in-Time funding request which the crypto app then validates after confirming the customer’s crypto balance.
Lastly, Fiat funds are released and the transaction is completed and confirmed in real time.
The only crypto banking platform to issue virtual cards
Even though cards have become an important component of everyday payment, issuing them still remains a hassle.
Partnering with a minimum of eight different entities is archaic and unnecessary.
You can now create virtual debit card programs with just one virtual card API – without any of the compliance or tech overhead.
Striga’s all-in-one crypto banking capabilities makes crypto adoption easier and more practical.
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