Microlenders Use of White Label Prepaid Cards on Upswing, Says Axiom Prepaid Holdings

BUCHAREST, Romania, Jan. 28, 2020 /PRNewswire-PRWeb/ -- Microloans have come a long way since their introduction in Bangladesh back in 1974. Yet, the basic concept remains the same – and that is, to provide modest loans to individuals in need or to business start-ups. Microlenders' methods of granting those are changing however. According to experts at Axiom Prepaid Holdings, white label prepaid cards are now frequently being used as a means of lending funds.

Axiom is a global provider of end-to-end payment solutions that include Mastercard® and Visa® prepaid cards. Last year, the company launched a White Label Program. The program allows businesses to provide innovative financial solutions to their own customers while also promoting their brands via a prepaid card with their names and logos. Microlenders were one of the niches that immediately took interest in their program.

Microloans have been a popular means of getting instant access to funds at a low interest rate by those who have a low credit score, have no established credit history or need an infusion of cash for a new business. In these instances, banks and credit lines are not usually viable options, which is where microlenders enter the equation.

"Prepaid cards are proving to be a great method for microlenders to provide funds to their clients even faster. The cards are accepted by most vendors globally, can be used at ATMs for cash withdrawals, can be used to pay bills and have fraud protection in case their card is lost or stolen," explained Steven Foster, CEO, Axiom Prepaid Holdings. "And since the cards are branded with the lender's name and logo, they are building customer loyalty and brand visibility each time the card is swiped."

Foster says that prepaid cards are an ideal complement to microlenders whose services include coaching and training in financial literacy and business development for its loan recipients. He says prepaid cards not only help users establish credit scores but allow them to easily track spending, review statements, make card-to-card payments and even earn rewards.

"The white label prepaid card programs that many microlenders are adopting are a great means of supporting money management skills development for their customers," he added.

Axiom has single and multi-currency card white label programs that can be used via app or physical card worldwide. The cards include features like card-to-card payments, ATM access, a rewards program, generated statements, around-the-clock service, fraud protection and SMS/email alerts.

Axiom's operations team handles set-up and administration of white label card programs for microlenders and other clients. Its advanced tech systems provide secure infrastructure for processing, reporting tools and integration of cardholder services to microlenders' existing applications and websites along with built-in compliance safeguards. Axiom is also able to get its clients' white label prepaid card programs up and running in as little as three months.
"Microloans have been invaluable in helping people get back on their feet who have experienced a layoff or other unfortunate circumstance and have been key to countless entrepreneurs being able to launch and grow their small business. We take great pride in helping microlenders to expand the tools they offer to clients while giving them a means of promoting their own brands," added Steven Urry, Chairman, Axiom Prepaid Holdings.
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About Axiom Prepaid Holdings:
Axiom Prepaid Holdings was born of the desire of two entrepreneurial-minded banking industry veterans to turn the prepaid card model upside down. To make banking simple. To give consumers and businesses around the globe access to innovative, easy-to-use, digitally driven, fun, flexible and secure products and services. Today, Axiom has 9 offices and conducts business in 20 countries. Every day, the Axiom team strives to create 100% turnkey solutions to help cardholders gain economic freedoms and help businesses achieve growth and success. To learn more about Axiom Prepaid Holdings, please visit: http://www.axiompph.com

SOURCE Axiom Prepaid Holdings