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.
European businesses can rely on multi-currency commercial cards issued by Enfuce, the cloud payment processor. In the Gulf region, the National Bank of Oman offers travelers a prepaid contactless card that supports nine global currencies. In Central Asia, Halyk Bank promotes its multi-currency cards as a savings tool.
OpenWay has analyzed the success of companies who use the WAY4 payment platform to shed light on the following:
- With many currencies per card, what’s better: separate balances or a shared one?
- How can issuers position this product for travelers vs savers, for developed vs emerging markets?
- Do cashback and other loyalty programs work for such cards?
- When employees travel, can a firm restrict an expenses card to certain goods and currencies?
OpenWay offers you to explore the winning strategies and get inspiration for new multi-currency projects!
TABLE OF CONTENTS
- 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
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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