WhiteSight

2023 Roundup: The Surge of Card Issuing Innovations by Payment Processors

Table of Contents

The Chronicles of Cardnia: PSPs Reshape Card Issuance in 2023 Ever tried getting a customised card from a traditional bank? It’s like asking your GPS for directions and ending up in Narnia—confusing, time-consuming, and being unsure on how you got there. Merchants, big and small, have found themselves in a similar situation, desperately wanting a simple way to provide cards to their employees, suppliers, and consumers without navigating through the labyrinthine bureaucracy of conventional banks. In 2023, payment service providers (PSPs) donned the cape of card issuance superheroes, giving businesses the power to issue customised virtual and physical cards. In the ongoing evolution of the payment and banking sector, the payment card has emerged as the crucial connection to the ultimate consumer. Inflexible legacy technology has meant that various integrations, extensive regulatory compliance demands, and operational inefficiencies have hindered businesses from getting a share of the interchange fees. According to Allied Market Research, the global cards market was valued at $524.9B in 2022 and is projected to reach $1.2T by 2032, growing at a CAGR of 8.8% from 2023 to 2032.  Swipe into the Future: PSPs’ Cardistry Mastery In 2023, PSPs played a pivotal role in transforming the landscape by providing […]

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