‹New feature, separately licensed›
We are introducing new web services on the Way4 platform that enable the issuance of multi-product cards. These innovative cards combine the functionalities of credit, debit, and prepaid cards in a single card, providing a better shopping experience for cardholders both at the point of sale and online. This also reduces the need for cardholders to carry multiple cards.
For issuers, it helps create unique and competitive card products that can broaden the customer base and foster loyalty but also presents an opportunity to reduce operational and production costs associated with issuing multiple types of cards. Additionally, these cards can be issued both as physical plastic and instant virtual cards.
Within the Way4 platform, a multi-product card is characterized as a single card that consolidates two or more payment applications. All secured by one PIN that can be switched between the applications.
The latest enhancements to Way4’s standard issuing for multi-product configuration include:
A primary application for the credit product, where the application number is used on the card face. This number encodes the magnetic stripe and establishes the settlement basis for the card contract
An additional card application designed for the debit product
Functionality that allows for the temporary blocking of card applications
Distinct features for card re-issuance and closure in response to customer demands
The cardholder can set or modify the default payment card by selecting the appropriate application through online banking or compatible devices, if supported by the bank.