Today, Weavr.io, the open collaboration platform for digital innovators and fintechs, launched its Virtual Card Toolkit.
Now, for the first time, digital innovators can create and deploy live virtual card solutions on a completely self-service basis, with no setup costs.
Before Weavr.io, innovators faced high barriers to accessing virtual cards. Previously, it took several months and cost tens of thousands of pounds before an innovator could make their first transaction — even on a simple virtual card programme. Today, Weavr.io’s technology stack makes it feasible to automate or provide self-service tools to reduce both cost and time to market for designing, deploying and running virtual card solutions.
Alex Mifsud, Co-Founder and CEO, Weavr.io, said: “Virtual cards offer an extremely versatile and relatively under-exploited payment capability. We want to make it easy for digital innovators - not just payments specialists - to explore, experiment with, and ultimately incorporate this wonderful payment capability into their applications and business models.”
Virtual cards solutions are increasingly used in consumer and business applications to enable seamless purchasing processes for online buyers, especially in heavily digitised sectors such as travel and procurement. Recently, virtual cards are also used to integrate non-card payment systems with online points-of-sale. This powerful, flexible and accessible form of payment account covered by electronic money regulation and card scheme guarantees of payment and service delivery.
Weavr.io has today made three such payment models publicly available, selected for their potential to power a diverse range of virtual card applications for both consumer and business use. Additional payment models are easily created and can be provided by Weavr.io on demand. In the coming months, Weavr.io will be adding new payments providers to enable more powerful and diverse payments models, offering an ever-greater range of applications.
Weavr.io is now available to any innovator wishing to exploit the power of virtual cards to serve customers across Europe. Innovators can start building their Virtual Card applications by signing up for a self-service Weavr.io Innovator Account. This gives innovators easy to use tools to:
• explore and configure payment models, turning them into virtual cards solutions that canseamlessly integrate within websites, mobile apps, or even embedded within electronic business systems
• test their solutions comprehensively through sophisticated simulations that accurately mimic real-world scenarios
• access payments and customer verification services from Weavr.io’s partners to take their Virtual Card solutions and applications live, issuing cards that work at card-accepting online points of sale and checkouts