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A decade ago it was exhausting for consumers to figure out how to spend their fiat abroad while traveling without paying high transaction and processing fees, let alone spending cryptocurrencies.
Fortunately, crypto and fintech businesses are continuously evolving, creating ease for end users. One of the eases businesses have created for the end users is issuing travel prepaid cards for euro or crypto payments.
Payment card issuance to consumers isn’t easy, as it requires technical and legal expertise. Additionally, the whole process is time-consuming and expensive. Luckily, card-issuing platforms now exist that make it easy for startups and established businesses to issue travel prepaid cards without involving multiple partnerships.
Let’s explore how easily and quickly businesses can issue travel debit cards to customers.
Instant card issuance to the end users
Businesses can issue prepaid travel cards instantly to the end users with the help of debit card issuers. Usually, the process is quick and easy if the card provider platforms offer one set of APIs for the payment card issuance.
Debit card issuers also take care of KYC and AML checks in-house. This makes sure the onboarded customer has a clean background. KYC involves name, email, phone, and ID verification.
Striga uses SumSub to manage end-user verification including internal compliance and legal teams that make sure to stay updated on legalization, sanctions, and other related matters. This helps our partners to onboard EEA users with the latest legal rules.
Businesses only need to plug the SumSub SDK into their platform. The SumSub SDK then guides the user through their pre-set process automatically, without businesses needing to handle the heavy-lifted compliance function, especially with the strict rules that MiCa is bringing nowadays. This allows companies to operate licensing-free as the platforms don’t handle sensitive data or perform legal or compliance tasks. Read and test the complete process here.
Once the user is verified, businesses can offer a wallet linked with a travel debit card. Debit cards can be physical and virtual or both, depending on what businesses want to offer the end-users. Card issuers also make it possible for fintech businesses to let the end users spend crypto through their physical or virtual travel prepaid cards. Offering crypto with fiat empowers the end users to seamlessly use the crypto asset.
EUR or crypto spending with travel debit cards
When traveling users want a safer and more efficient way to pay, traditional payment methods such as cash or traveler’s cheques are time-consuming and cumbersome. In contrast, physical and virtual debit cards that offer euros with a blend of crypto-currencies allow consumers to pay without getting worried about processing fees and money theft.
For instance, foreign exchange fees can be highly volatile, especially when dealing with different local currencies. For travelers from EEA, the lack of transparency in conversion fees between the euro and various local currencies adds uncertainty to the expenses. To address this, businesses can introduce a stable-powered debit card, such as one linked to USDC. This allows users to convert their EUR to USDC before traveling and spend with a card connected to USDC balance, eliminating concerns over fluctuating FX fees and ensuring more predictable spending abroad.
With the help of physical and virtual stable-powered debit cards, businesses empower end users to spend digital currencies in bars, restaurants, or any other shop they prefer.
Online shopping is getting popular every coming year and securely paying for online purchases has become a basic need for the end user. Virtual debit cards include two-factor authentication which makes sure every online transaction is verified by the user and prevents the wallet from fraudulent activities.
In addition to two-factor authentication, Striga offers 3D secure authentication for the end users that adds an extra layer of protection for online transactions. With the help of 3D authentication, businesses allow users to set up strong passwords using charset A-Z a-z 0-9! ” # ; : ? & * ( ) + = / \ , . [ ] { } to authenticate the card on online transactions.
Choose the reliable prepaid card issuer
Striga offers one set of APIs for payment card issuance that help businesses issue debit cards to the end users without building anything from scratch. KYC and AML checks are also taken care of in-house at Striga therefore companies don’t need to worry about compliance.
Businesses can easily manage users, card statements, and fulfillment from one dashboard. Striga allows companies to offer fiat-crypto blended physical and virtual cards to the end users, just by utilizing a single set of APIs.
Striga empowers companies to customize travel debit cards with logos, designs, and branding for their customers.
Our current partners are creating ease for the end users to travel conveniently and spend euros or digital currencies efficiently. Businesses use Striga’s payment card issuance solutions to give more flexibility to travelers so they can make hassle-free purchases at restaurants, retail stores, transportation services, and online platforms without worrying about high fees or security risks while traveling abroad.
With Striga’s instant card issuance and compliance handled in-house, businesses can focus on enhancing user experience and ensuring smooth cross-border payments for the end users.
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