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Yes, there’s a famous fintech startup who offers a payment card with 29 currency accounts and low exchange rates. And no, not all issuers consider this a threat. In many markets, there’s a bank or processor who has already secured its position by appealing to a particular segment or customer need.

OpenWay has analyzed the success of companies who issue multi-currency cards on the WAY4 platform. Let’s explore some winning strategies and get inspiration for new multi-currency projects!

Table of contents:

  1. Who is Revolut and what are the barriers to its future growth?

  2. Use case #1 – Currency conversion for payments in a trusted payment environment

  3. Use case #2 – Traveling and leaving a trusted payment environment

  4. Use case #3 – Savings in foreign currency

  5. Use case #4 – Corporations benefit too

  6. How banks and processors use WAY4 to address all the four use cases

  7. Solution one:  Multi-currency card with separate balances

  8. Solution two: Multi-currency card with one shared balance

  9. Issuing revenue options

  10. Wallets and loyalty – sweet bundle

  11. NFC, QR, tokenization

  12. Summary

Players with live multi-currency payments projects referenced in this case study:

  • Revolut, UK fintech startup

  • Tinkoff Bank, the Best Consumer Digital Bank in Central and Eastern Europe, according to Global Finance magazine

  • Amazon, world’s largest retailer

  • Credorax, global e-commerce processor

  • Halyk Bank, the largest credit institution in Central Asia

  • Enfuce, cloud-based payment processor with HQ in Finland

  • National Bank of Oman

  • and others

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