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Basic understanding of card issurance
When we talk about payments, credit cards are usually a topic that cannot be avoided. The subjects involved in credit cards are Cardholder, Merchant, Acquiring Processor, Card Association, Issuing Bank, and Third-party Payment Service Provider.
 
In this blog, the writer will introduce the concept of embedded finance, card issuance and payment-related business keypoints.
 
Embedded finance makes card-issuing more available
The card issuing process usually involves banks or other financial institutions issuing credit cards, debit cards or prepaid cards to eligible individuals or businesses, and providing corresponding financial services such as reconciliation, expense tracking and spending management.
 
Qualifications for card issuing
1. License
Related banking licenses are required, as well as compliance with local financial regulator requirements.
 
2. Abundant capital
Sufficient liquidity, quality assets to guarantee payment settlement.
 
3. Risk control
A well-developed risk control system, including risk assessment and fraud monitoring, etc.
 
4. Optimized technology
Technical capabilities include payment system and security to ensure secure transactions.
 
5. Partnership
Partnership with International Credit Card Organization， such as Visa and Mastercard.
 
In the past, card issuance was not an option for most businesses due to high costs and poor infrastructure. The emergence of embedded finance as an extension and upgrade of Internet finance has allowed non-financial sectors to enjoy more convenient and fast financial products and services, enabling financial services to be built into non-financial applications or platforms with a smooth process.
 
A more common phenomenon, for example, is the embedding of financial services into industry sectors such as cross-border e-commerce, social media and travel. The realization of this financial innovation model is mainly done through technical approaches such as APIs.
 
When enterprises choose to embed fundamental capabilities such as card issuance and payment on demand, they can then have real-time card opening capabilities, tailored to their teams, bringing practical convenience and more options.
 
How to choose a service provider
The limitations of traditional card issurance
 
●● Technical complexity & high cost. Multi-provider service integration, which is technically complex and costly to develop and maintain.
●● High risk. There may be more security vulnerabilities, and more measures are needed to protect data security.
●● Poor user experience. Inefficient and cumbersome processes reduce the efficiency of user operation and affect the overall usage experience.
●● More limitations. Strict and complex requirements for card applications and limited number of cards, which can not meet the needs of business.
 
In addition, in the process of global payment, there are challenges such as high fees, restricted regions, and security risks , which will have a negative impact on card-holding companies or employees, and hinder commercial payments, such as advertising and service subscriptions, resulting in slowing down the development of international business.
 
Under the background that the development mode of traditional card issuing business is getting sloppy, Neobank performs actively and dedicates itself to breaking the existing limitations through digitalization and intelligence. They hope to provide first-class payment solutions, products and services so that customers can smoothly start the global payment experience.
 
How to choose your card issuer
The deepening of business globalization has prompted more diversified and high-frequency capital flow. Due to the numerous and complex institutions and sectors involved in the global payment process, it often causes unnecessary cost losses, such as delayed arrival, theft, hidden fees, etc., which puts higher demands on financial institutions.
 
Based on such a context, how to get a lower cost and more efficient global payment solution has become an urgent problem for enterprises.
 
Currently, there are many payments rails with varied services. iPeakoin has long been working on global payment and innovated a Quantum Virtual Card solution to help businesses solve the problem of card-issuing and expense management.
 
iPeakoin card solution
 
Scalable
Build your own card solution using modular API to accommodate your business.
 
Profitable
Access to better international interchange rates than other providers.
 
Flexible
Empower your users to make transacting with crypto as simple as using a credit card.
 
Unlimited users and cards
Unlimited number of cards and users allowed. Customizable budgeting.
 
Extensive coverage
Can be used wherever Visa and MasterCard payments are accepted.
 
For more details, please visit ipeakoin.com. Also feel free to send us a note at marketing@ipeakoin.com or https://t.me/ipeakoin (Telegram).