Checkout.com launches Issuing, enabling all businesses to offer debit cards and unlock a billion-dollar sector
- Checkout.com Issuing empowers businesses to easily create, manage and scale their own card programme - providing financial services products to customers through customisable physical or virtual cards
- Millions of cards have already been issued by Checkout.com with companies like Jow, to transform grocery shopping
- The embedded finance sector is expected to be worth $7.2 trillion globally by 2030, with revenues reaching $121 billion by 2029 in the UK and Europe, a 187% increase from 2022
LONDON, March 22, 2023 /PRNewswire/ -- Checkout.com, the global payments solution provider, today announced at Thrive, their annual customer event, the launch of card issuing. This will enable businesses to issue fully customisable virtual and physical cards easily, and diversify revenue by offering financial services products to their customers.
Optimising and unlocking new revenue through effortless integration
Checkout.com Issuing takes the complexity out of adding financial services products and helps businesses go live with card programmes quickly. Brands can now own and differentiate their card from the rest, whether it's with a sustainable card using eco-friendly or recycled materials to avoid plastic waste or unique colour combinations. This differentiates them from competition and strengthens brand equity.
Inflexible legacy technology has meant that multiple integrations and operational inefficiencies have prevented businesses from sharing interchange fees. Checkout.com Issuing's modern platform removes patchwork integrations, enabling businesses to unlock new revenue streams through receiving a percentage of card interchange fees.
Issuing is the latest addition to Checkout.com's payments stack, integrating with its wider universe of products like acquiring, which enables businesses to unlock cash flow and reduce pre-funding requirements. Businesses can now easily move funds to either physical or virtual one-time or multi-use cards, and then automate spend outcomes with custom rules.
"At Jow, our app is transforming grocery shopping and meal planning, providing an easy and efficient experience to build meal plans and buy the ingredients easily. With that, we need to deliver the most innovative, efficient, customisable and secure payment experiences" said Antoine Maillard, CTO and co-founder at Jow."