Global payment solutions provider Checkout.com has unveiled a new debit card issuing service that will help businesses capitalize on the lucrative embedded finance market.
According to Checkout.com CPO Meron Colbeci, who argues that fintech and big tech are no longer alone in the revolution, online travel, marketplaces and digital banking would all have been critical to the explosion of embedded finance in recent years. that the market is estimated to increase in value by 187% to $121 billion in Europe and the UK by 2029, and to $7.2 trillion globally by 2030.
Card issuance is designed to enable businesses to offer physical and virtual cards as they seek to diversify their revenues, unlock financial services to ecommerce portfolio.
Create your own debit card for businesses
Businesses can choose to create their own branded cards that stand out from others, including a variety of sustainable and recycled materials, or digital options compatible with wallets like Apple Pay and Google Pay.
The precise card type is entirely within the control of a company and may include debit cards and prepaid cards for consumer and commercial use. There are also single-use and multiple-use options for further control.
Another benefit for companies looking to issue their own card is the streamlining and embedding of the customer journey within an ecosystem, which Jow co-founder Antoine Maillard claims the grocery shopping and meal planning app has been transformative for the company .
This shift in control, of course, comes at a time when global banking is increasingly under strain amid a lack of confidence as consumers seek to diversify where they store their money.
At launch, Checkout.com card issuance will be available in the UK and the European Economic Area, with other regions to follow in due course.