As consumer technology improves and the price of technology falls, more and more people will see prepaid cards as a viable method of making transactions. This increase in consumers will amount to over $3tn globally, according to The Drum magazine. In the UK, there have already been close to 1 billion contactless transactions between Jan 2016 and Dec 2020, according to Statista.
Bin Sponsorship and Prepaid Cards
The trend has already begun, whoever doesn’t see it and react to it could be left at a loss. Whoever does see and reacts to it will have a competitive advantage. But the problem is, issuing such cards the normal way is difficult, takes too long and costs too much. That’s where BIN sponsorship comes in, you can get a piece of the $3tn pie quickly, with no hassle, all without having to make a single direct card scheme application.
BIN sponsorship enables you to quickly launch new cards into the marketplace, giving you a significant competitive advantage over those who still rely on the slow, cumbersome process of a direct card scheme application. This could help you retain or gain market share as well as increasing profits and/or your revenue in a short period of time.
Through us, you can now quickly issue both reloadable credit and reloadable debit cards with significantly less disruption if you used a traditional card scheme application. This frees up time for you to focus on the consumer side of your business, e.g. spending limits, duration of card validity etc. More fun stuff for you, more boring stuff for us, except we thrive doing the boring stuff.
Risk management is a concern for all stakeholders involved in the card issuing process. That’s why we pride ourselves on having a vastly experienced team that you can rely on to help you achieve your goals. Our team is highly diligent, taking all the steps necessary to stay up to date with relevant regulations, which ensure compliance is maintained at all times throughout the process.
As we mentioned before, a great opportunity is fast approaching, the normal process of obtaining BIN numbers is difficult, and more importantly slow. If we were to become your BIN sponsors however, the process would be significantly faster. This means you can quickly react to any developments in the marketplace by launching your own card scheme at relatively short notice.
BIN sponsorship bucks the trend of being cheaper being a less attractive option, due to a lower quality, product or service. If we’re your sponsor you can save significant amounts of capital, whilst having a superior customer experience. The money saved can be reinvested into other parts of your business to generate a return on investment.
BIN sponsorship enables businesses to gain access to BIN numbers quicker, easier and cheaper than using the more conventional method of a card scheme application. All this is possible whilst remaining fully compliant through the entire process.
With decades of legal, regulatory and payment expertise, Moorwand facilitates companies and emerging payment providers to issue reloadable payment cards in less time and without worrying about every compliance aspect.
Let's discuss your requirements and context. Our expert team are on hand to help.