Global payment solution provider Checkout.com has unveiled a new debit card issuance service for businesses to capitalize on the lucrative embedded funding market.
Online travel, marketplaces and digital banking are said to have played a key role in the explosion of embedded finance in recent years, according to Checkout.com CPO Merona Colbeci, who says fintech and Big Tech are no longer alone in the revolution, and it is estimated that the value of the market will increase by 187% to USD 121 billion in Europe and the UK by 2029 and to USD 7.2 trillion worldwide by 2030.
The card issuance aims to enable companies to offer physical and virtual cards when they want to diversify revenue, unlock the provision of financial services to strengthen their e-commerce file.
Create your own business debit card
Businesses can choose to create their own branded cards that stand out from the rest, including a variety of sustainable and recycled materials or digital options that are compatible with wallets such as Apple Pay and Google Pay.
The exact type of card is completely controlled by the company and may include debit and prepaid cards for consumer and commercial use. There are also disposable and reusable options for further control.
Another benefit for businesses looking to issue their own card is streamlining and closing the customer journey in the ecosystem, which Jow co-founder Antoine Maillard, a grocery shopping and meal planning app, has been groundbreaking for the company.
This shift in control, of course, comes at a time when global banking is under increasing pressure from distrust as consumers seek to diversify where their money is stored.
Checkout.com card issuance is available in the UK and EEA at launch, with other regions to follow in due course.