Prepaid Card

How Wibmo’s HEXA Prepaid Platform Resolves Challenges Faced by Prepaid Card Providers and Enhances Customer Experiences

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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.

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What are Pre-Paid Cards and how do they work?

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By referring to Prepaid Cards, we first need to agree on what do we understand by Prepaid Card, and how do we see it? Do we see it as a closed card program or an open card program? Many get confused in the definition of what exactly is a Prepaid card? A Prepaid Card can be defined as a secured card (a plastic) that enables users to process transactions in order to make purchases of goods and/or services. We can then say that we do have two types of Prepaid Cards: Closed Card Programs. Open Card Programs. A Closed Card Program is usually referred to as a closed-loop, mostly in the form of Gift Cards, used by many stores. On the other hand, an Open Card Program is usually referred to as a debit card, which is linked to a bank account. Both solutions could be referred to as Prepaid Card solutions; however, one does not require the need of having a bank account but for the other, having a bank account is a must. To some extent, some countries around the world are now initiating closed-loop programs, as a debit card, for domestic card transactions. For instance, a country may opt to have a closed-loop domestic card program that can only be utilized in the country, in form of a domestic prepaid card scheme. In today’s world, Financial Institutions (FI) are working hard to promoting Financial Inclusion by providing financial services and/or products to customers at a very affordable cost. However, despite, the efforts and times put together by Financial Institutions, the results for getting everyone inclusive into the Financial Ecosystem is still low. Therefore, FI is constantly improving their products/solutions in order to meet customers satisfaction by positioning solutions such as Prepaid Cards in order to make inclusion attractive. That is why, to meet customer’s satisfaction, Financial Institutions have opened up to the closed/open loop payment program to reach out to all markets and/or segments. These programs have been put in place to solving problems for Consumers, Retailers, Corporates, and Governments. The benefit of those cards is that consumers can make use of the solution to make a purchase, pay bills, transfer funds, and/or withdraw cash from an ATM, Merchant/Retailer stores, or an Agent (Agency Banking), in a very convenient and secure way. Prepaid Cards used by the bank (“the debit card”), can also be offered to customers who do not qualify for credit facilities. By these means, the bank is offering a product to customers which will enable them to transact by using their own funds. On the other hand, Retailers or Merchants are also offering similar solutions to customers in form of Gift Cards, for instance, as previously mentioned. Once a Prepaid Card has been offered to a customer, the Service Provider will immediately issue a card to the customer in order to enable the customer to start transacting from day one. Nevertheless, to make this mechanism fully functional: A plastic card will have to be issued to the customer. Customer will have to load own funds onto the cards. The card will have an Expiring Date, Card Number, and a PIN. Customers can now start transacting. Yet, for Prepaid Card such as Gift Cards, cards can only be used within a network of retailers, and most of the time, the card does not have a PIN number for acceptance of transactions. However, transactions are authorized on a signature basis. So, Prepaid cards could be considered as a fast-growing segment for Retail Banking and Merchant Services Industry despite entries of new innovative payment technologies. Author: Nsele P. Bokuma, Director-Sales, South Africa Wibmo A PayU/Naspers FinTech Company Card Payment, Digital Payment, Online Payments, Prepaid Card

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Move to Pre-paid Cards for Simplifying your Corporate Expense Management

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Tracking Corporate Expenses made easy Corporate expenses range from individual employee benefits to infrastructural allocation to individual units. Everyone has heard the terms reimbursement, employee benefits claims, and other expenses albeit through the prism depicting a myriad of reactions — most of them unsavory to put it mildly. While the corporate executives find the long process of filing expense reports and submitting the invoices tiresome and at times bordering on lack of trust, the accounts find themselves in an unenviable position of questioning, auditing, and reconciling them with the Company Budget. And when auditors do come out with systems to reduce frauds, Department heads are regularly at loggerheads with accounts over the paperwork. The sum total is interdepartmental bad blood and a constant state of tug of war that can adversely affect both the operations and the accounts. Prepaid Cards for Corporate expenses are a boon to both employers and employees. Prepaid cards are one of the best tools to manage corporate expenses. It is no secret that as the company grows so do the expenses, especially the travel and other petty expenses which form a substantial percentage of the overall budget. The bottleneck in tracking is that the disbursement is through individual employees whose numbers might run in hundreds and at times in thousands. This is where maintaining a balance between fraudulent or mistaken charges versus operationally profitable charges becomes a challenge. The prepaid card enables control over the employee spending through a limit set over time and the amount. This also reduces the massive burden of claims or reimbursements. With reduced dependency on actual cash transactions, policy adherence and automated tracking enable the auditors to access a lot of information without depending on the employees for details saving both time and faceoffs. Pointers to get the most of Prepaid Cards to manage corporate expenses. Ideally, the Prepaid cards could be a major relief, but in practice, it is possible only if certain standards are maintained in the implementation and usage of this facility. Selecting a Vendor who would equip and facilitate these services, is crucial to the successful issuance of the Prepaid cards to the employees or other stakeholders of the company. The prepaid card program must be customized as much as their budget would allow. It should strictly adhere to the company policy with separate options for both open and closed-loop programs. The cards should be configured according to the needs, specific to the company for example some might need it to be used in ATMs while others might want it to work within just the cafeteria and sister concerns of the company. Some could select merchants or categories for a certain department or particular grades. E.g., sales teams should have options to use it on online travel sites or enable multiple currencies for certain grades. Wibmo’s Prepaid solution meets all these requirements and more. Covering the whole range of corporate expenses from payroll to daily expenses and travel expenses they are easy to use and have reloading wallets backed with 24-hour customer support. With every advancement comes its own set of risks and unethical practices. The good news is that the market has vendors who can provide services and fortify them against fraud. Two-factor authentication is always recommended for such cards with EMV chips for added security. Market Proven tools like TRIDENT-FRM can be used to disable fraudulent attempts. Additional security and control can be attained through vendors who provide Host Complete back-office card operations. In short, the prepaid cards can empower the companies to control the corporate expenses thereby bring them down without much sweating whilst the employees, now more aware of the limits, need not spend their productive hours filling out expense reports and more importantly feel more trusted with their dignity intact. Author: Krishnan KN, Advisor in Wibmo’s Agile PMO Wibmo A PayU/Naspers FinTech Company Expense management, Payment Security, Prepaid Card, Reimbursement

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