Why the credit card industry needs a tech upgrade

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Most people prefer credit cards when choosing how to pay for goods and services. But even though Americans alone now use more than 500 million credit cards, the technology for making payments has not changed since the mid-1970s. Their principle is virtually the same at different banking institutions. You apply for a card with a credit limit, the application is reviewed and, if you have a good credit history, you get approved and wait for your credit card to arrive. 

Banks don’t care much about expanding the list of innovative services for credit card holders. At most, they can expect to check the history of purchases or receive any rewards for using the bank product. Today’s technology companies are taking a completely different approach to their customers, offering innovative platforms with user-friendly interfaces to run card programs. 

Why do older platforms fail?

Running a card project with mainframe technology requires much effort and money. In addition, it can take anywhere from several months to several years to launch such a program. A significant disadvantage of credit cards on legacy platforms is that the final product is virtually devoid of personalization. A card issued this way is a universal banking product with a standard interface that is not associated with a specific brand or company.

Once the card program is launched, it is difficult for the client to manage and control the reporting. He has to rely on the mainframe provider for this issue. This is a big problem for credit card programs because many different transactions need to be accounted for and monitored. These include purchases of goods, cash withdrawals, deposits, interest withdrawals, fees, commissions, etc. Older platforms can’t get reliable and up-to-date credit card information. Older platforms also don’t always provide real-time data, which prevents credit card holders from making financial decisions quickly.

Benefits of Innovative Products

Consumers today want maximum control over their spending, and with outdated platforms, it’s unrealistic to do so. Wallester offers an innovative new platform for easy and efficient credit product management. With its help, you can issue virtual and physical credit cards under international security standards. Wallester platform provides easy card project management with constant access to every card issued, more information you will find on this webpage https://wallester.com/card-payment-platform.

With the innovative platform, brand awareness can be increased through White-Label solutions. Customers can place their logo and corporate colors not only on the card but also in the mobile app or platform itself. With this feature, the card product becomes not just unique but individualized.

For those who want to launch a credit program but do not have a BIN, Wallester can become a BIN sponsor. This will significantly reduce the time it takes to launch a card program, as there is no need to wait for approval of the application to get a number. 

Another benefit of the new credit launch platforms is the ability to manage the processing of all transactions through them. Through the Wallester platform, cards can be replaced, limits can be set, accounts can be verified, deposits and payments can be controlled, etc. You don’t have to switch between different programs to use the above features. All of these features are integrated into a single Wallester platform.

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