Wallester helps fintechs to develop their own digital payment solutions
A fintech company with a business idea that requires a payment solution soon discovers that the process of becoming an approved card issuer can be a complex one.
That is where so-called Visa BIN sponsors come in. They are financial institutions that offer complete solutions for fintechs to issue virtual and physical cards via its platform.
Estonian company Wallester is one such example. Wallester’s strategy is to function as a bridge between new exciting fintech companies and Visa’s global payment network. Together, they help fintechs to develop payment solutions to add to their offerings more quickly.
“Due to the strength of Visa’s global payment network, together we can develop new card functions that simplify consumers’ everyday lives”, says Sergei Astafjev, Founder, CEO, Chairman of the Management Board of Wallester.
Due to the strength of Visa’s global payment network, together we can develop new card functions that simplify consumers’ everyday lives.
- Sergei Astafjev, Founder, CEO, Chairman of the Management Board of Wallester
Wallester has more than 50 employees with both IT skills and extensive understanding of customers’ business models. This combination helps them to better understand what challenges their clients face.
“Our mission is to create opportunities in the payment market with fast, seamless API integrations. As a fintech company issuing our own payment cards ourselves, we’re able to identify payment solutions and functions that we know work in practice.”
“I don’t see ourselves as a card issuer first and foremost: we offer payment solutions and digital wallets. Our dream customer is a fintech company with a brilliant business idea that wants to grow and reach its full potential.”
Wallester has opted to use the Visa Token Service – an innovative security feature provided by Visa – which was originally a strategic decision. This makes Wallester secure by having a future-proof service that works smoothly even when the payment market changes.
The collaboration with Visa also brings availability of expertise. When Wallester gets a customer in a new market, you can turn to Visa to gain insight into and knowledge of individual markets.
“We get an immediate overview of the local market’s opportunities and challenges. As a growing company, this gives us a competitive advantage as we expand our business and implement complex card programs across Europe.”
Thanks to the local Visa team in the Nordic and Baltic countries, we’ve built personal relationships that are crucial for our success and gained important entrances to partners that want what we offer.
- Dmitri Logvinenko, Co-Founder, Chief Operating Officer, Board Member at Wallester
Another advantage that the collaboration with Visa brings is that they can get new customers through Visa’s global network.
“Thanks to the local Visa team in the Nordic and Baltic countries, we’ve built personal relationships that are crucial for our success and gained important entrances to partners that want what we offer”, says Dmitri Logvinenko, Co-Founder, Chief Operating Officer, Board Member at Wallester.
Going forward, Wallester sees especially strong demand for virtual bank cards. While physical payment cards require a complicated delivery process, customers can be up and running faster and smoother with a digital payment solution.
“Today, you can pay for everything with your smartphone. The advantage of this is that it offers a high degree of security and that it is more likely that you have your smartphone with you than your wallet” says Astafjev.
Get inspired by other Nordic and Baltic fintech stories and discover how Visa can support you.
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