Which card payment method do customers feel most comfortable with? Today, many of us pay for living commodities and manage our payment habits with our smartphone apps. If you have a plan for a payment service, you may have considered a mobile app as a platform for your business.
The mobile app plays a significant role in the card business since it is the convenient way to have customers use the product easily on their hands. In addition, to integrate with popular digital wallets such as Google Pay and Apple Pay, it is recommended to have a mobile app ready. But we all know the realities. The time, workforce, and expertise involved in developing an app is a challenging journey to start from scratch. If you have an idea for a payment product and want to quickly reach customers through a mobile app, the solution is here.
Enfuce’s MyApp is a ready-to-launch card management app that enables you to meet your customers with your branded app. As a white-label app, MyApp is a turnkey service in that no coding or integration is required as Enfuce handles everything from development to maintenance.
Let’s look in through MyApp from the very beginning.
What is a white-label app?
A white-label app is a mobile application that runs directly on iOS and Android operating systems built by third parties but under your own brand. The biggest advantage of a white-label app is that it saves time and money for app development, while still being able to safely manage the app through a trusted partner. This type of white-label mobile app is an ideal option for businesses and individuals who have a clear business reason to invest in rapid growth and engagement with customers.
Comparison: Create a mobile app vs. Choose Enfuce’s MyApp
Using a white-label app is different from creating your own app in various ways. Each option has its advantages and disadvantages.
Create a mobile app
- Cost: The cost varies a lot depending on the features and functions of the app, and the number of development resources required.
- Testing: The several rounds of tests will be done as much as needed until the app works properly.
- Features: Based on the research and the product goal, you design UX and UI for the app from scratch with developers and designers.
- Visual design: You can design every single element on the screen such as screen layout, button size, location, etc.
- Release & maintenance: To release an app, the app should be compliant with the related policies and regulations to be accepted by app stores. It takes cost and time to prepare.
Choose Enfuce’s My App
- Cost: The cost is predictable because you can start with a setup fee and pay later a management fee, based on the number of users.
- Testing: The app itself is already tested and ready to be launched. You can check the Demo before you start to select the features and visuals.
- Features: MyApp has all modern card management features. You can select the features based on your product and its target.
- Visual design: Your logo, brand colours, fonts and card design can be
applied to the app as following your branding guide. - Release & maintenance: If you use MyApp, Enfuce makes sure the app is compliant with required policies such as app store policy, payment regulations, and data policy as an expert consultant.
The mobile app is the face your customers meet with your products. That’s why you need to be careful when choosing a product.
Here are four main reasons why MyApp can be the right choice for you.
1. Test your payment product in the market without cost pressure.
It is not surprising that it usually takes months to a year to develop and release an app. It requires experts and knowledge in various fields to design and test the user experience required for an app until its release to the app store. Not only does Enfuce’s MyApp allow you to launch a branded app, it also offers a low start-up cost which makes you go for market testing of your payment product without cost pressure.
2. MyApp has all the modern card management app features.
The great thing about the white-label app is that you can dedicate time and effort to your card business while the partner takes care of all the intricacies required for the app features. MyApp provides an easy-to-use user interface with modern card management features including the entire list below. You can select the features you want and package them as your own app. Also, the app is available on both iOS and Android.
To enrol your customers:
- Two-factor authentication
- Biometric or passcode authentication
To manage the cards and transactions:
- View PAN (Full Card Number) & View PIN
- Transaction history and detail
- Manage limits and region blocking on the card
- Temporary block and unblock the card
- Push notification per transaction
To add a card to the popular digital wallet:
- Add to Apple Pay, Google Pay or Samsung Pay
3. MyApp operates safely and securely.
Since the card management app shows important information such as card detail and transaction history, it is essential to operate the app safely and securely. MyApp operates *SCA(strong customer authentication) for user verification. SCA enhances the security of electronic payments by performing a multi-factor verification process. Once the user is verified, the next user experience can be simpler as MyApp supports the passcode and biometric authentication login. In addition, within MyApp, the data is encrypted to be transferred securely.
*Strong customer authentication is a requirement of the EU Revised Directive on Payment Services on payment service providers within the European Economic Area.
4. Easy to get the app branded.
In MyApp, your choice of colours, logos, and fonts can be applied to meet your branding guidelines. Show your customers the selected features of a modern card management app by colouring them from your palette.
Other key definitions within card issuing and payment processing
What is a BIN sponsor?
BIN sponsor is a bank or financial institution with a card scheme membership (Visa or Mastercard). BIN sponsor is the issuer of the card from a legal standpoint, with obligations towards authorities and card schemes for card issuance.
As a regulated financial institution license holder, a BIN sponsor is authorized to hold cardholder funds.
Partnering with a BIN sponsor enables your company to avoid becoming a direct member of a scheme, whilst still controlling the end-customer relationship and the card’s branding.
BIN sponsors differ in terms of pricing, geographical coverage and scope of services
What is KYB/KYC?
Know-Your-Business / Know-Your-Customer. Legislation, especially in Europe, requires the issuers to know who their cardholders are. The process includes identification at the beginning of the customer relationship as well as periodical checks during the customer relationship. The target with KYC/KYB is to mitigate risk related to money laundering and other criminal activity.
What is fraud monitoring?
The purpose of the fraud monitoring process is to minimise the losses for Issuers due to fraudulent card usage and provide safe and frictionless payment experience for cardholders.
What is dispute management?
Dispute Management is to solve issues with the payment transaction and recover losses. Either it is initiated by the cardholder by disputing a transaction or the card issuer cannot support the processed transaction, e.g., no such card account. The requirement for the dispute management may come from the card scheme and/or from the local legislation.
Want to design the ideal payment card solution for your business? Our comprehensive guide has everything you need to know to launch the winning payment card product. Download down below.
How do I get started?
Getting started is simple. Have a casual conversation with Enfuce’s experts. You can get Enfuce’s MyApp Demo and explore its features for yourself.
Enfuce provides payment solutions for issuers, fintechs and merchants, supporting their success in rapidly changing markets. By combining industry expertise, innovative technology and compliance, Enfuce delivers scalable and sustainable payment solutions quickly and securely. If you want to expand your offering with mobile payments, here we are, a reliable partner with rich experience and industry insight.
Build the best card management mobile app for your product together with Enfuce
Enfuce is a global card issuing payment processor built for banks and mid-to-enterprise-level fintechs, lenders, and fleet and mobility providers looking to scale existing card programmes or launch new ones.
