Digital Payments has implemented two of several new services on its proprietary multi-function wallet platform.
These are the first of several new functions designed for the Digital Wallet platform, where future product releases will include additional value added services for merchants, remittance and trust accounts.
The suite of loyalty services provides a combined solution to financial institutions, participating merchants, and cardholders.
The Digital Loyalty card includes several value added services such as cash back rewards on purchases made at participating merchants. The wallet can also be used to earn loyalty points that can be redeemed or used later to make purchases at participating merchants.
The second new service being implemented on the Digital Wallet is the multi-currency platform that offers cardholders the ability to maintain multiple currencies accessed by a single prepaid card.
This platform enables travelers to make purchases in the currency of the country without incurring the high cost of foreign exchange rates.
Customers can now easily load up to 14 different currencies onto a single, chip-and-pin card and in addition to being used for spending at POS and withdrawing cash at ATM’s can move money between purses thus hedging and potentially profiting from currency movements.
Built into the platform is a fully automatic ‘sweep’ system ensuring a customer can always spend any funds in any of the purses on the card.
“Whilst there are many FX/Travel cards in the market and quite a few multi-currency offerings, M2 Payment Solutions, a Digital Payments Company is the first processor to enable true interbank rates to be offered to consumer,” Digital Payments chief executive David Carr said. “It is also a strong value add to offer a bundled multi-currency and loyalty rewards platform in one. This is again another demonstration of how M2 Payment Solutions can build new and innovative technical solutions based on client needs.”
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