Why Launch Your Own Payment Card Program?
The demand for white-label card issuing solutions has been on the rise in recent years, as the global cards market is experiencing never seen before growth, with “Cards Global Market Report 2023” by The Business Research Company’s total evaluation of $291.18 billion as of 2023, the field is projected to grow to $390.54 billion in 2027 at a CAGR of 7.6%.
This growth is driving demand for innovative solutions that would enable businesses to issue branded debit and credit cards to their customers without having to invest in costly infrastructure and compliance processes.
As more businesses seek to expand their customer offerings and enhance their brand identity, the demand for white-label card-issuing solutions is expected to continue to grow.
One such solution is Wallester White-Label, which offers a comprehensive all-in-one answer to streamlining the company’s financial services and expanding its product offerings.
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What is Wallester White-Label?
Wallester, a payment service provider, offers a white-label solution that enables businesses to launch their own branded VISA card programs.
With the advent of digitalization and the advancement of technology, companies are seeking to integrate financial services seamlessly.
Wallester’s white-label solution helps businesses to scale their product offerings and increase their client base by providing all-in-one card issuing, processing, and payment transaction solutions.
The company also offers BIN sponsorship and all types of cards, including debit, credit, prepaid, consumer, and corporate cards.
Founded by fintech entrepreneur Dmitri Logvinenko (COO & CTO) in 2016, Wallester became an issuing member of Visa Europe, and by May 2018, an official Visa Ready Certified partner, issuing various types of physical and virtual cards.
With CEO, Co-Founder, and Chairman of the Management Board Sergei Astafjev joining the team, the company underwent a rebranding and has experienced rapid growth ever since.
In 2021, Wallester achieved two significant milestones: the launch of its onboarding software for AML and KYC and the release of its white-label mobile application, enabling users to launch their card programs without any need for personal platform development.
Moreover, the company announced its PCI-DSS Level 1 certification in June 2022, the strictest PCI certification available.
While Wallester’s white-label solution offers many benefits, it is important to consider the pros and cons of the product.
In this article, we will explore the advantages and disadvantages of Wallester’s white-label solution, enabling businesses to make an informed decision when considering the implementation of the product.
Why Launch Your Card Program with Wallester?
Wallester’s White-Label solution offers several key advantages for organizations looking to launch their own card program.
Firstly, it provides the most complete package on the market for launching a card program, offering everything from BIN sponsorship and processing to a fully-functional white-labeled mobile application that customers can use to interact with the program.
By providing a one-stop shop for launching a card program, Wallester eliminates the need for organizations to work with multiple vendors and streamline the process of launching their programs. For more information, visit wallester.com
One of the most significant advantages of Wallester’s White-Label solution is that it can be used by both financial and non-financial organizations alike.
This means that any business, regardless of its industry or sector, can establish a fully-functional card program using Wallester’s solution.
This versatility makes Wallester’s solution a viable option for organizations looking to expand their services or diversify their revenue streams.
Another significant advantage of Wallester’s White-Label solution is its revolutionary in-house-built platform and API, which allows for complete and efficient control over any card program.
The platform includes innovative features not present in other offerings on the market, such as PIN, CVV, PAN reminder, freeze and unfreeze card functionality, and the ability to approve or deny any transaction in real time.
These features provide a high degree of control and flexibility for organizations using the solution, allowing them to tailor their card program to their specific needs.
Furthermore, Wallester’s platform capabilities and corresponding API links can be expanded upon request, making the solution compatible with any business case imaginable. This flexibility ensures that organizations can adapt their card program as their business evolves and changes.
Finally, Wallester’s White-Label solution requires minimal integration with partner companies, as the company tries to keep as many processes as possible in-house.
This means that organizations that use Wallester’s solution can enjoy a more reliable and secure card program, as information doesn’t have to travel from one partner to another.
This streamlined approach reduces the risk of errors, delays, or security breaches, providing peace of mind for organizations and their customers alike.
In conclusion, Wallester’s White-Label solution offers a comprehensive, versatile, and innovative solution for organizations looking to launch their own card program. From providing BIN sponsorship and processing to a fully-functional white-labeled mobile application, Wallester’s solution offers everything needed to launch a card program successfully.
With its revolutionary in-house-built platform and API, flexible capabilities, and minimal integration with partner companies, Wallester’s solution is an excellent choice for organizations looking to expand their services or diversify their revenue streams.
What are the Possible Limitations of Working with Wallester?
Despite its many pros, the Wallester White-Label solution also has some limitations that may be worth considering before making a decision to use it.
Firstly, one of the major drawbacks of the Wallester White-Label solution is that, as of right now, it only caters to the region of the European Economic Area (EEA).
Companies wishing to issue cards to the end-users outside of this region will not be able to do so. This can limit the potential customer base and may be a deal-breaker for some businesses.
Secondly, the standard currency for the card program is EUR, which may be inconvenient for businesses or customers who prefer to transact in other currencies. While additional currencies are available upon request, this may require additional customization and can lead to higher costs.
Lastly, while the Wallester White-Label solution provides a comprehensive card program solution, it does not offer banking-as-a-service. This means that businesses will not be able to launch a complete banking infrastructure with Wallester and will have to look for other solutions if this is something they require.
Lastly, as Wallester is a relatively new player in the market, some businesses may be hesitant to trust the solution due to a somewhat limited track record. However, Wallester has received positive feedback and has demonstrated growth since its launch in 2016, so this may not be a significant concern for many businesses.
Overall, while the Wallester White-Label solution has some limitations, it remains a strong option for businesses looking to launch their own card program. By weighing the pros and cons, businesses can make an informed decision about whether this solution is right for them.
Conclusion:
Wallester’s White-Label solution offers a comprehensive and innovative package for launching a fully-functional card program. It provides a range of features that are not commonly found in other solutions on the market.
However, it is important to note that the solution is limited to servicing customers in the EEA region and offers the standard currency of EUR. Additionally, it does not offer Banking-as-a-service, so launching a complete banking infrastructure is not possible.
Despite these limitations, Wallester’s White-Label solution remains a strong contender for businesses looking to launch a card program, especially for those located in the EEA region.