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!
Who is Revolut and what are the barriers to its future growth?
Use case #1 – Currency conversion for payments in a trusted payment environment
Use case #2 – Traveling and leaving a trusted payment environment
Use case #3 – Savings in foreign currency
Use case #4 – Corporations benefit too
How banks and processors use WAY4 to address all the four use cases
Solution one: Multi-currency card with separate balances
Solution two: Multi-currency card with one shared balance
Issuing revenue options
Wallets and loyalty – sweet bundle
NFC, QR, tokenization
Summary
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