The prepaid card ecosystem has experienced tremendous growth, driven by digitalization, fintech innovation, and rising consumer demand for seamless and secure payment solutions. However, providers face numerous challenges in scaling operations, ensuring compliance, and enhancing customer engagement. Wibmo’s HEXA Prepaid Platform is engineered to address these challenges head-on, providing a modular, scalable, and feature-rich solution that empowers banks and fintechs. Hexa offers a host of benefits for end customers, enhancing their payment journeys and building loyalty.
Challenges for Prepaid Card Providers and HEXA’s Solutions
1. Launch new and customized products faster
Our modern-day, adaptable prepaid platform enables issuers to overcome the struggle of dealing with fragmented systems for card issuance, card lifecycle management, and transaction processing. HEXA resolves this with:
End-to-End Issuance and Management: From customer onboarding and card activation to fund transfers and transaction monitoring, HEXA’s comprehensive capabilities streamline operations.
Self-Service Portals: Intuitive dashboards enable real-time card and wallet management, reducing dependency on support teams.
Integrations and Pre-Integrations: Hexa can be easily integrated with your third-party service providers, or you can choose from any of our best-in-class partners as well as in-house pre-integrated solutions for a faster go-to-market. Hexa also has native integrations with major card networks.
2. Ensuring Compliance and Security
In addition to being a secure and stable card issuing system, Hexa also adheres to Regulatory compliance and data security standards that are critical, especially in a global market HEXA ensures:
Compliance with local and Global Standards: Hexa is certified by local and global schemes and also complies with global standards regarding data privacy and infosec.
Zero Data Loss Architecture: A highly secure system with 99.5% uptime, supported by robust disaster recovery mechanisms
Real-Time Fraud Monitoring: Advanced fraud and risk controls ensure safe transactions across channels
3. Addressing Customer Engagement Challenges
Customer retention is a persistent challenge for prepaid card providers. HEXA fosters engagement with –
Gamified Loyalty Programs: Integrated loyalty features and promotional cash options drive repeat usage.
Just-in-Time Funding: Ensures a frictionless experience by allowing real-time fund transfers to wallets/cards thus optimizing cash flow
Multi-Currency Support: Facilitates seamless transactions for global users, expanding customer reach.
4. Simplifying Scalability and Integration
Providers often face scalability challenges due to infrastructure constraints and complex integrations. HEXA offers:
Modular Architecture: Achieve your operational and business goals through Microservices-driven, RESTful APIs that enable plug-and-play scalability – giving you the power of customization
Flexible Deployment Models: Choose from hosted, on-premise, or cloud solutions to meet specific business needs.
Sandbox Environment: Enables testing and customization for smooth integration with client systems.
5. Accelerating Time to Market
Launching a prepaid card program typically involves lengthy development and approval cycles. With HEXA you can release new products in a few weeks –
Pre-Configured Features: Customise your card program based on your business requirements as Hexa allows you to choose from a host of product features and functionalities
Managed Services: Wibmo handles program management, including card design, settlement reports, and customer support, allowing clients to focus on their core business and strategy
End-to-End Testing: Comprehensive testing ensures a smooth go-live with minimal disruptions.
Benefits for End Customers
1. Enhanced Convenience
Instant Issuance: Customers can get prepaid cards quickly, whether physical or virtual, ensuring they are ready to use immediately.
Easy Onboarding: Simple and compliant KYC processes with mobile and email OTPs make account setup hassle-free.
Multi-Wallet Support: Allows users to manage different wallets for various purposes seamlessly.
2. Secure and Frictionless Payments
Real-Time Fraud Protection: Transactions are monitored to ensure safety at every step.
Configurable Limits: Customers can set spending limits to maintain control over their finances.
Secure Authorization: Advanced PIN and OTP management enhance payment security.
3. Rewarding Experiences
Gamified Loyalty Programs: Customers earn points and rewards for transactions, fostering engagement and loyalty.
Promo Cash and Cashback: Integrated promotional features ensure that users enjoy added value in their spending.
Global Accessibility: Multi-currency and global acceptance of cards enhance convenience for travelers.
4. Flexibility and Accessibility
Closed and Open Loop Wallets: Customers have the flexibility they need when shopping at specific merchants or across diverse platforms.
Just-in-Time Funding: Ensures users never run out of balance, as wallets/cards can be reloaded instantly.
Contactless Payments: Supports QR-based and NFC payments, catering to modern customer needs.
Real-World Impact: Case Studies
A large Private Bank in India: Enabled wallet top-ups, money transfers, and merchant services with seamless integration and scalability.
Spice Money: Revolutionized rural payments by integrating cash deposits into digital wallets, enabling transactions across POS, e-commerce, and ATMs.
Conclusion
Wibmo’s HEXA Prepaid Platform is not just a solution; it’s a strategic enabler for prepaid card providers and a value enhancer for end customers. By addressing operational inefficiencies, ensuring compliance, and fostering engagement, HEXA empowers banks and fintechs to lead the prepaid revolution. At the same time, it enriches customer experiences by delivering convenience, security, rewards, and flexibility.
To learn more about HEXA and how it can transform your prepaid card program, contact sales@wibmo.com today.