The Interswitch Virtual Card Solution suite is designed to assist banks in maximizing card profitability by overcoming current challenges in the industry in a cost-effective manner. The solutions allow users to generate virtual cards and use them for transactions across e-channels without the need for physical cards. The product caters for problems like full dependence on multiple partners for the issuance of payment cards, i.e., Perso, Processor, and Scheme, and increased time to market.

Our solution is a state-of-the-art payment platform that is PCI compliant and could extend a user’s account through the issuance of a Verve, Visa, or Mastercard Virtual Card. Also, it has a multi-currency feature depending on the customer’s preferred currency.

Product Benefits

• Reduced costs through the elimination of plastic cards.
• Reduced costs lead to increased profitability.
• It can be used for web channels.
• Enables the creation of attractive card products targeted at individual and corporate service, which will lead to increased transaction revenue.
• The solution leverages existing platforms, reducing the cost of deploying new hardware or systems.
• New products with new revenue models provide opportunities for additional revenue streams, e.g., fees per generated card.
• Certain virtual card products provide increased customer satisfaction by minimizing avenues for fraud, e.g., single-use cards.
• The solution is flexible enough to work with debit, credit, prepaid, and companion cards. Its ability to use mobile devices provides an opportunity to take advantage of potential in the mobile payment space.