Growing Number of European Businesses Adopt White Label Multi-Currency Prepaid Card Programs

When Axiom Prepaid Holdings first launched its prepaid cards for underbanked and unbanked consumers in Europe last summer, it had not yet introduced its White Label program for businesses. Now, after about six months in operation that program, which boasts a multi-currency feature, is proving to be as in demand in the EU as its consumer products.Fintech News

Axiom is a global provider of digitally-driven end-to-end payment solutions powered in large part by prepaid cards programs. Its white label prepaid card programs allow businesses to have their name and logo on a prepaid Mastercard® app – with physical card and desktop access also available. The company entered the European market in 2019 to help fill the void in access to prepaid cards, especially for millennials and the unbanked. Soon though it became clear that businesses too were interested in exploring how prepaid cards could support brand-building and revenue generation. With both audiences, the ability to load multiple currencies to the prepaid card was a popular option.

“Quite simply, when it comes to corporate clients, Axiom has the banking and technology expertise to draw from that most fintech firms lack. We know how to simplify the customer experience when it comes to the complex prepaid card-issuing niche,” explained Steven Foster, CEO.

Axiom’s core Mastercard® solutions in Europe were built with a focus on ease-of-use. And with its White Label Program it now provides corporate clients with a 100 percent turnkey solution to allow them to reap the benefits of the card program while not being distracted from their own core business. Axiom offers a direct API connection model for those with White Label experience and a full White Label program for desktop and mobile for clients that have not run a program before and want a full service, zero-touch option.

Axiom’s White Label prepaid card programs allow clients to create their own branded prepaid card programs to pay commissions, reward loyalty, and distribute compensation to their own customers, employees, agents and affiliates. The programs also offer a cost-effective alternative to traditional corporate payroll programs and investment advisory services. Equally important though, the programs build brand awareness, loyalty and engagement with customers and employees and allow them to collect data, analytics and tracking for use in improving outreach.

In addition to the ability to load the prepaid cards with multi-currencies, typical card features include peer-to-peer transfers, spend tracking, direct deposit, rewards and most recently, microloans and credit reporting.

And the need is clearly for prepaid cards is evidenced by forecasts predicting Europeans using cashless payments will skyrocket to 705 million by 2023.

“Axiom has been here to help fulfill the increasing demand for digital payment options and we will continue to adapt and grow our services based on market feedback,” Foster added.