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Traditional card programs have been around for decades. However, the process is complicated and involves partnerships with card issuer, payment clearing partners, card manufacturers, processors, and 3DS providers.
And that’s not all.
Companies must manage complex compliance responsibilities, such as:
- Scheme Reporting
- Fraud monitoring
- Treasury management
- Compliance obligations
- Unplanned downtime
However, as a quickly evolving payment method, there’s a massive potential to get creative with the offerings. Especially with crypto becoming more and more mainstream as we speak.
But is it becoming easier to make payments with?
While most invest in crypto or engage in trading, few use it for the purpose it was created for – peer to peer transactions and everyday payments.
White label card issuing companies, such as Striga, make it easier for fintechs to issue crypto debit cards with their crypto banking facilities and take the users straight to the purchasing stage
Offer end users crypto debit cards for faster crypto adoption and payments
The best way to encourage everyday crypto payments is through crypto debit cards. Linked directly to a crypto wallet, it converts digital currencies to EUR at the time of transaction – enabling a seamless payment experience.
So let’s say Ben wants to pay for his monthly grocery budget in USDC using his crypto debit card; all he has to do is buy USDC using his fiat money and spend directly with the card.
Further, crypto rewards can also incentivize retention and usage as they generally have a positive and reinforced effect on engagement and retention, creating a sustainable revenue stream for the company.
If it sounds too easy and straightforward, that’s because it is
To make crypto easy to adopt, it must be accessible and user-friendly. And that’s exactly what Striga’s crypto banking services are for.
Step 1: The client starts by creating a crypto account in an exchange or wallet, after which he completes KYC and begins exchanging and trading cryptocurrencies. Once comfortable with the tech, they may want to start spending crypto in the real world.
Step 2: The client then places an order for a crypto card offered by the app that uses Striga’s infrastructure to issue physical cards.
Step 3: Once ready, the client starts using their card when making everyday purchases the same way they would with a traditional bank card.
Step 4: Striga sends a gateway Just-in-Time funding request for the crypto app to confirm the trade. The crypto app validates the transaction after confirming the customer’s crypto balance in their account.
Step 5: Fiat funds are released to the card upon approval, and the transaction is complete in real-time.
Step 6: The authorization is successful and the payment is confirmed.
Launching crypto card programs with card issuing companies
First, design your self-branded cards and send us your unique packaging, or let us help you through the creative process. The cards will then be sent for printing and remain ready to dispatch.
Second, plug-in using our simple online documentation and testing environment sandbox. Then, allow Striga to accomplish all the hard work for you.
Third, manage your card program from a web-based application. Monitor transactions, payments, and card lifecycles. You can create a process to handle the operational part of the cards program, such as chargebacks, negative balances, and fraud monitoring.
Finally, issue your first cards internally, or to trusted cardholders, and ask for feedback before going live. Once ready, go live with your fully branded cards program.
Choose a white label card issuing service for quick launch
Striga’s all-in-one crypto banking solution saves you from wasting resources by cutting down cost and time to market. Further, Striga’s partnerships and integrations with issuing banks and central card networks (i.e. Visa) speeds up the issuing process so you can offer individualized cards to your end users. What more, the KYC integrations help you quickly verify customers during the onboarding process.
Working with Striga’s open APIs means you can expand your core business model towards new use cases without having to worry about compliance or tech.
Design, issue, and manage your crypto debit cards program under one platform
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.
