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Modern problems require modern solutions. That’s exactly what crypto debit card payments have done for everyday transactions. Taking away the unnecessary prefunding, it made direct payments much more convenient.
Thus, a major blockage was resolved with crypto accessibility and practicality.
Customers can now tap their crypto debit cards at any PoS the same way they would with their regular bank cards. Thanks to crypto cards, not only daily payments but also cross-border transactions are now much cheaper and faster.
So whether it’s an international trip or just a coffee run – debit cards make spending crypto effortless, secure, and practical.
Solving A Bigger Issue At Hand – Financial Accessibility
While the financial system has made strides, gaps still need to be addressed, particularly when it comes to financial accessibility amongst the unbanked population.
With limited access to banking institutions, an estimated 1.4 billion adults globally are unbanked or underbanked. Amongst the underbanked, the high fees associated with cross-border payments makes international payments expensive, time-consuming, and complicated.
SWIFT transfers have high transfer fees and can take up to six days to reach, especially when payments go through multiple intermediary banks.
In such cases, crypto payments are welcomed since they cost the users a fraction in transfer fees and are near instantaneous. And businesses can team up with card-as-a-service platforms to issue cards within weeks to simplify payments even further.
How Crypto Debit Card Payments Bridge The Fiat-Crypto Gap
Out of the many standout features, perhaps the most efficient and practical is the instant, real-time conversion from crypto to fiat currencies.
Imagine having to pre-fund each time you’re trying to pay at a store. An unnecessary step that Striga’s crypto cards have done away with. So not only do users not have to worry about fluctuating exchange rates, they can spend their cryptocurrencies anywhere in real-time.
Compared to other traditional methods, crypto cards significantly reduce transfer fees – offering a practical and cheaper alternative.
Simplifying Debit Card Payments For Fintechs
One way crypto and fintech companies can simplify payments is through partnerships with card networks and other intermediaries. And to make sure they’re following regulatory compliance, they must work with a dedicated team of professionals for smooth and compliant client onboarding and verification.
Not to forget, managing compliance while also building the product is a challenge in itself. Building a crypto card program from the ground up requires significant resources and partnerships. So not only do companies need to prepare for upfront investment but also the operational costs that’s required to keep the system running.
Striga’s card-as-a-service solution eliminates the need to build from scratch. With white-label solutions that make it possible to issue cards within weeks (and instantly for virtual cards), businesses can leverage the partnership’s built-in features such as transaction monitoring, fraud detection, and real-time crypto to fiat conversions – all managed from a single dashboard.
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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