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Foo, an award-winning B2B fintech solutions provider based in the UAE, has launched its latest innovation: a customizable, out-of-the-box travel card solution.
Prepaid cards and digital wallets enable banks to harness the power of fintech to provide their customers with a seamless and cost-effective purchasing experience, whether at home or abroad.
Travel card solutions include instant-issue prepaid cards that can be topped up anytime, anywhere. It also includes a white-label digital wallet application, equipped with sub-wallets in multiple foreign currencies to facilitate real-time card and currency management. Additional modules can also be seamlessly integrated in order to meet the specific requirements of partner banks. These optional modules include a range of features, such as digital onboarding and ATM withdrawals, enhancing the overall service.
Consumers will be able to instantly transfer funds from their primary bank account to the prepaid card and use the companion app to convert their money into a variety of currencies without costly transaction or conversion fees. They can conveniently monitor expenses and manage their multiple sub-wallets in one easy-to-use app. When it comes to making purchases in different currencies, the card automatically withdraws funds from the corresponding sub-wallets, simplifying the process for cardholders.
The solution will help banks meet consumer demand for a cost-effective, secure and convenient way to make purchases while on the go. In addition, Foo specializes in providing internally developed financial microservices, using a modular “plug and play” model. Thus, Foo’s hyper-personalized offerings offer the added advantage of extremely fast time-to-market. Depending on the level of customization required, Foo’s travel card solution could be ready to launch in as little as 6 weeks.
Ghady Rayess, Foo Managing Partner, said: “With the boom in business and leisure travel since the pandemic, multi-currency prepaid cards have become an indispensable digital payment solution for travelers. As a result, global payment solutions are no longer just a A value-added benefit. Consumers expect a seamless experience across touchpoints in their daily lives and when traveling abroad. We are excited about the opportunities this innovation presents for the industry and look forward to helping partner banks thrive in today’s dynamic world. thriving in the market.” – trade arab news agency
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