“In Europe, it was clear there were gaps in financial options for the unbanked and younger people who are virtual service driven,” said Steven Foster, CEO, Axiom Prepaid Holdings. “We developed prepaid card options for them as well as a white label prepaid card program for businesses.”
BUDAPEST, Hungary (PRWEB) May 14, 2020
As Europe continues its rapid adoption of digital payment methods in lieu of traditional banking options, opportunities abound for businesses seeking to capitalize on that. One of the growing trends in the prepaid card space is use of white labeling for both brand-building and revenue generation. Axiom Prepaid Holdings introduced one such program last year after doing extensive research and talking to consumers throughout different regions of the EU about what kinds of services they do not have and would like access to.
Axiom is a global provider of digitally-driven end-to-end payment solutions powered in large part by prepaid cards programs. Its white label prepaid card programs allow businesses to have their name and logo on a prepaid Visa or Mastercard app - with physical card and desktop access also available.
“In Europe, in particular, it was clear to us that there were significant gaps in financial options for the unbanked and younger generations who are virtual service driven,” said Steven Foster, CEO, Axiom Prepaid Holdings. “We not only developed prepaid card options specifically for those individuals but we took in one step further and developed a white label program to get businesses in on the benefits of prepaid cards.”
Axiom creates and administers the white label programs on a customized-basis and ensures all security, compliance and regulatory considerations are addressed. Some clients use the program to earn fees from the cards while others use the cards to establish cement their brand and others use it for both. Clients chose the fee structure, fund distribution channel and card features that work for them. Typical card features may include peer-to-peer transfers, ability to load multi-currencies, spend tracking, direct deposit, rewards and even microloans and credit reporting.
The branded prepaid card programs are typically used to pay commissions, reward loyalty, and distribute compensation to their own customers, agents and affiliates. The programs also offer a cost-effective alternative to traditional corporate payroll programs and investment advisory services. Equally important, the programs build loyalty and engagement with customers and employees and provide businesses with the ability to collect data, analytics and tracking for use in improving customer outreach efforts.
In Europe in particular, the demand for such products and services is evident. In 2017, over 601 million people in Europe used digital payments. That number has since increased to more than 660 million with forecasts predicting Europeans using cashless payments will skyrocket to 705 million by 2023. Likewise, in a report by Deloitte, Payments Disrupted: The Emerging Challenge for European Retail Banks, the organization stated it expects that the status quo in which payment systems continue to be run by and for the major banks “will not survive.”
“Changing consumer preferences and tech enabled innovation in Europe have given way to vast opportunities for a simpler banking experience that benefits consumers and businesses alike. We are happy to play a role in offering prepaid card options that work for everyone,” Foster added.
About Axiom Prepaid Holdings
Axiom Prepaid Holdings was started with one goal in mind: To make financial services easier – for everyone. Through the power of digitally-driven end-to-end payment solutions, the company provides prepaid card options for the unbanked and underserved; and white label programs to companies that want to showcase their brands while offering customers and employees alternatives to traditional money management. Today, Axiom has nine offices and conducts business in 20 countries. Every day, the Axiom team is hard at work providing turnkey solutions that help cardholders gain economic freedoms and help businesses achieve success. To learn more about Axiom Prepaid Holdings, please visit: http://www.axiompph.com.