In today’s digital age, payment cards have become an essential part of our daily lives. With the rise of e-commerce and mobile payments, businesses of all sizes are looking for ways to issue payment cards to their customers quickly and efficiently.
However, with so many card issuing platforms available, it can be challenging to choose the best one for your business needs. That’s why we explore the top 10 card issuing platforms, their key features, advantages, and limitations to find the right solution for your payment business.
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Payment card payments market outlook
The payment card payments market is expected to continue growing in the coming years due to the increasing adoption of digital payments and the shift away from cash transactions. According to Allied Market Research, the global credit card payments market revenue was valued at $138.43 billion in 2020, and is projected to reach $263.47 billion by 2028, growing at a CAGR of 8.5% from 2021 to 2028.
One of the major drivers of growth in the payment card payments market is the increasing use of contactless payments, which offer a faster and more convenient way for consumers to pay for goods and services. This has led to the development of new technologies, such as mobile payments and wearable devices, which are expected to become more prevalent in the coming years.
Another factor contributing to the growth of the payment card payments market is the rise of e-commerce, which has made it easier for consumers to make purchases from anywhere in the world. This has led to an increase in cross-border transactions, which can be facilitated through payment card networks.
Credit cards are the dominant type in the card industry
Consumers prefer general-purpose credit cards because they can be used to make purchases from a wide variety of merchants, both online and offline. As a result, the general-purpose credit card segment is projected to maintain its dominant position in the credit card market for the foreseeable future. Read this article to find more information about how does card issuing work.
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More detailsThings to keep in mind when choosing a card issuing provider
When looking for a reliable card issuing company, it’s important to ensure that they meet all the requirements that are important to your business. Below, there are some important things to know.
Functionality of the platform
The primary functionality of a card issuing platform can vary depending on the specific needs of the business or organization, but some of the common features include: card creation and activation, top up and funding, transaction monitoring and reporting.
It is also important to explore the provider’s technology platform, including its level of customization and the ease of integration with your existing systems. Ensure it meets your business requirements and is scalable to handle your future growth.
Security and fraud prevention
Security and fraud prevention are critical concerns for card issuing companies, as they handle sensitive cardholder information and are a target for fraudsters. To protect against fraud and ensure the security of cardholder data, card issuing companies must implement robust security measures and fraud prevention strategies.
For example, companies can encrypt and tokenize cardholder data to prevent unauthorized access and protect against data breaches. Two-factor authentication is also an effective way to prevent unauthorized access to cardholder accounts.
Compliance and regulations
Make sure the provider is compliant with all relevant regulations and industry standards, including PCI DSS (Payment Card Industry Data Security Standard). You should also check if they have a history of regulatory violations or data breaches.
Fees and costs
Understand the provider’s fee structure, including any setup fees, per-transaction fees, or monthly fees. Ensure you understand the total cost of ownership and how it compares to other providers.
Reporting and analytics
Evaluate the provider’s reporting and analytics capabilities, including the level of detail and frequency of reporting. This can help you monitor and optimize your card program.
Consider these factors, including technology platform, security and fraud prevention, cardholder experience, fees and costs, reporting and analytics, customer support, reputation and track record, compliance and regulations, you can make an informed decision that meets your business needs and helps you achieve your goals.
Top 10 card issuing platforms
Each provider has unique features and capabilities, making them stand out in their own way. By carefully analyzing the strengths of each platform, businesses can make informed decisions when selecting a provider that best suits their needs. Let’s take a closer look at some of the leading card issuing providers in the market today.
Marqeta
Headquarters: California, US
Founded in: 2010
Key strengths: Modern and scalable API-based card issuing platform that supports various card types and payment methods
Website: marqeta.com
Marqeta is a modern card issuing platform that provides businesses with a wide range of payment and money management solutions. Marqeta’s card issuing functionality allows businesses to create and manage virtual and physical debit and credit cards, and customize their card programs to fit their unique needs. Some of the key features of Marqeta’s card issuing platform include:
- Customization
Marqeta allows businesses to create custom card programs with features such as spending limits, transaction restrictions, and rewards programs. - API-driven approach
The platform is API-driven, which means businesses can easily integrate their card programs with other systems and services. - Advanced fraud protection
Marqeta’s platform includes advanced fraud detection and prevention tools to help protect against unauthorized transactions.
The card issuing platform provides businesses with a comprehensive set of tools to create and manage custom card programs, with a focus on flexibility, security, and ease of integration with other systems.
Paymentology
Headquarters: London, UK
Founded in: 2015
Key strengths: Provides end-to-end card issuing solutions and personalized and data-driven card programs.
Website: paymentology.com
Paymentology is a payment processing and card issuing platform that provides businesses with a wide range of payment solutions, including card issuance, authorization, and settlement services.
Paymentology’s card issuing functionality allows businesses to create and manage virtual and physical debit and credit cards, and customize their card programs to fit their unique needs. Some of the key features of Paymentology’s card issuing platform include:
- Global coverage
Paymentology’s platform provides global coverage, enabling businesses to issue cards in multiple currencies and countries.
- Real-time controls
Paymentology’s platform provides real-time controls for businesses to manage their card programs, including the ability to instantly turn cards on or off and adjust spending limits.
- Mobile capabilities
Paymentology offers mobile capabilities, including mobile wallet integration and mobile card controls, to provide businesses and cardholders with more convenient and secure ways to manage their cards.
Paymentology is a leading global issuer-processor, serving the financial sector through its ultra-advanced, multi-cloud network.
Fiserv
Headquarters: Wisconsin, US
Founded in: 1984
Key strengths: Provides robust security features and compliance
Website: fiserv.com
Fiserv’s product offerings include digital banking solutions, mobile banking, payments and card processing, risk and compliance management, data analytics, and core processing services. The company serves clients in various industries, including banking, credit unions, investment services, insurance, and government.
Fiserv provides 24/7 customer support for cardholders to assist with account inquiries, fraud alerts, and lost or stolen cards.The company also offers rewards programs for cardholders, including cashback and point-based rewards, to incentivize card usage and drive customer loyalty. Cardholder self-service tools enable cardholders to manage their accounts online, including viewing account balances, transaction history, and making payments.
Fiserv was founded in 1984 and is headquartered in Brookfield, Wisconsin. The company has operations in over 40 countries and employs over 44,000 people globally. As of 2021, Fiserv has a market capitalization of over $80 billion and is listed on the NASDAQ stock exchange under the ticker symbol FISV.
Explore the key steps on how to launch a card programme and get a solution to accelerate this process.
Galileo
Headquarters: Utah, US
Founded in: 2000
Key strengths: Supports various card types and payment methods and provides developer-friendly APIs and SDKs
Website: galileo.com
Galileo is a financial technology platform with an innovation engine and a leader in card issuing, payments and digital banking. The company was founded in 2000 by Clay Wilkes, who also serves as its CEO. Galileo’s products and services include card issuing, payments processing, and digital banking solutions.
The company offers a range of customizable card programs, including debit, credit, and prepaid cards, that can be tailored to meet the specific needs of businesses and financial institutions. Galileo’s fraud detection and prevention tools are among the most advanced in the industry, with real-time monitoring and multi-factor authentication to help protect against unauthorized transactions and fraudulent activity.
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SynapseFI
Headquarters: California, US
Founded in: 2014
Key strengths: Provides compliance and risk management features
Website: synapsefi.com
SynapseFI is a financial technology company that provides API-based banking services, including payment processing, card issuing, deposit accounts, and loans. The company’s platform also includes advanced fraud detection and prevention tools, such as real-time transaction monitoring and machine learning-based risk analysis. The platform is built on a secure infrastructure, with multi-layered encryption and robust data privacy controls.
SynapseFI offers a range of card issuing features as part of its API-based banking services. These features include: customizable card programs, real-time transaction processing and customizable notifications for their customers, including real-time alerts for transactions, balance updates.
Railsr
Headquarters: London, UK
Founded in: 2016
Key strengths: Provides white-label card programs and customization options
Website: railsr.com
Railsbank is a UK-based fintech company that provides banking and payment solutions for businesses. One of the services they offer is card issuing, which allows businesses to create and manage their own branded debit or credit cards.
With Railsbank’s card issuing service, businesses can customize the design of their cards and set various parameters such as spending limits, transaction categories, and geolocation restrictions. The service also includes real-time card management tools, transaction tracking, and fraud prevention measures.
Railsbank’s card issuing service is targeted at businesses of all sizes, including startups, SMEs, and large enterprises. It can be integrated with other Railsbank services such as payment processing, virtual accounts, and open banking APIs to provide a comprehensive financial management solution.
SolarisBank
Headquarters: Berlin, Germany
Founded in: 2016
Key strengths: Provides banking-as-a-service (BaaS) platform with card issuing capabilities
Website: solarisgroup.com
SolarisBank is a German-based banking platform that offers a range of financial services to businesses, including card issuing. Here are some features of SolarisBank’s card issuing platform: customizable card design, API integration, reporting and analytics and multi-currency support.
The platform includes advanced fraud prevention measures such as real-time transaction monitoring and alerts, 3D Secure authentication, and card blocking, which help to protect businesses and cardholders from fraudulent activities. However, SolarisBank card issuing services are currently limited to businesses operating within the European Economic Area (EEA).
BOND
Headquarters: New York, US
Founded in: 2019
Key strengths: Offers API-based card issuing and payment processing solutions and custom risk management
Website: bond.tech
BOND is a fintech company that was established in 2019 and provides enterprise-level financial services. Their offerings include services such as account creation, KYC/AML and document verification, instant virtual card issuance that can be easily integrated with popular mobile payment platforms like Apple Pay, Google Pay, and Samsung Pay, as well as physical card issuance, deposits and loans, domestic money transfers, custom risk management solutions.
BOND’s focus on providing a comprehensive suite of financial services to businesses makes it an attractive option for companies looking for a one-stop-shop for their financial needs. The ability to easily issue virtual and physical cards, along with other financial services, can help businesses streamline their financial operations and improve their overall efficiency. Additionally, BOND’s custom risk management solutions can help businesses mitigate potential financial risks and make informed decisions about their financial strategies.
GPS
Headquarters: London, UK
Founded in: 2007
Key strengths: Provides end-to-end card issuing and processing solutions
Website: globalprocessing.com
GPS is a well-established player in the fintech industry, having been in operation since 2007 and having raised $458 million to date. The company provides cutting-edge payment issuing solutions to the top challengers worldwide. GPS played a significant role in the early success of many of the UK’s fintech startups, including Revolut, Monzo, and Curve. Ayoconnect, StashAway, and Banking Circle are among GPS’s primary competitors.
GPS utilizes open APIs to provide a range of services, including virtual card issuance, payment processing, management of credit, debit, and prepaid card transactions, mobile wallet solutions, multi-currency cards with flexible rates, and security and fraud prevention measures such as 3D-secure and dynamic CVV. Additionally, GPS offers back-office solutions that enable businesses to analyze their clients’ behavior and transaction history, allowing for product improvements to be made based on this data.
Moss
Headquarters: Berlin, Germany
Founded in: 2019
Key strengths: Provides customizable card programs and advanced features
Website: en.getmoss.com
Moss is a technology-based payment and credit card platform, which can help companies improve their financial management. The platform offers a flexible and dynamic corporate credit card, with a credit limit that can be up to 10 times higher than traditional cards. The platform supports both virtual and physical cards, allowing team members to make secure and convenient purchases.
The company has processed 250,000 transactions and issued 20,000 cards. The product is live in Germany and the Netherlands. The main difference between the company and its competitors is that it offers credit cards, not debit cards.
Card issuing providers features comparison table
| Card issuing provider | Year founded | Headquarters | Key features |
| Marqeta | 2010 | California, US | Modern card issuing platform, advanced APIs, configurable business rules |
| Paymentology | 2015 | London, UK | Provide global coverage, real-time control service with 24 years’ experience in fintech industry |
| Fiserv | 1984 | Wisconsin, US | Customer support and rewards program for card for cardholders |
| Galileo | 2000 | Utah, US | Customizable solutions, API-based card issuing platform |
| SynapseFI | 2014 | California, US | Advanced fraud detection and prevention tools |
| Railsr | 2016 | London, UK | Banking and compliance APIs, including card issuing |
| SolarisBank | 2016 | Berlin, Germany | Advanced fraud detection and 3D secure authentication |
| BOND | 2019 | New York, US | One-stop-shop solution, custom risk management |
| GPS | 2007 | London, UK | 3D-secure measures and back-office solutions to analyze their clients’ behavior |
| Moss | 2019 | Berlin, Germany | Corporate card issuing, focused on credit cards |
Each provider has its unique selling points: Marqeta and Galileo offer customizable solutions, Paymentology and GPS focus on security measures such as real-time control and 3D-secure authentication, while Fiserv offers customer support and rewards programs for cardholders. Therefore, it is important for financial businesses to evaluate the specific card issuing needs and choose a provider that best aligns with these requirements.
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Conclusion
The payment card payments market is expected to grow significantly in the coming years, driven by the increasing adoption of digital payments and the shift away from cash transactions. It is crucial for businesses of all sizes to choose the right card issuing platform.
By considering factors such as technology platform, security and fraud prevention, fees and costs, reporting and analytics you can make an informed decision that meets the unique company’s needs. It is essential to weigh the pros and cons of each vendor, and clarify the details of the card issuing services to choose the right financial solution.
FAQ
What is a card issuing platform?
A card issuing platform is a financial technology solution that enables businesses to issue payment cards, such as debit or credit cards, to their customers. These platforms provide businesses with the ability to create customized payment cards that can be used to make purchases, access funds.
What are the benefits of using a card issuing platform for financial business?
By using a card issuing platform, businesses can offer their customers a more convenient payment method that can be used both online and offline. These platforms also provide businesses with greater control over their payment processes and can help to reduce fraud and chargebacks. Additionally, card issuing platforms can provide businesses with valuable data insights that can be used to improve their operations and marketing efforts.
What are the top 10 card issuing platforms?
The top 10 card issuing platforms, based on a comprehensive comparison for fintech businesses, are:
Marqeta
Galileo
Paymentology
Fiserv
SynapseFI
Railsr
SolarisBank
BOND
Moss
GPS
What are some factors to consider when choosing a card issuing platform?
When choosing a card issuing platform, businesses should consider factors such as fees, customization options, integration capabilities, security measures, and customer support. It is also important to evaluate the platform's ability to meet your specific business needs and goals.
