Why White Label Digital Wallet is a Better Choice Than a Branded One – White label solution is not about the actual performance of the digital wallet but about the way the development company delivers the end product to the client. It means that the recipient has no legal limits to develop and upgrade the wallet later on.
Why White Label Digital Wallet is a Better Choice Than a Branded One
This way is especially fruitful for the established neobanks and strong e-commerce projects, that are ready to build up the dev team to lead updates, integrations, and improvements without waiting for regular checkups and maintenance from the providing company.
In fact, the white label offers no strings attached to the original development company, which just conducts the knowledge transfer showing wits and bits. This option also puts the whole control over the product to the developers. So, with this opportunity comes full responsibility for the digital wallet maintenance and performance capacities.
How does a white-label digital wallet work?
A digital wallet has two big modules integrated to work together. The first is the banking core. It is a highly productive multi-asset ledger layer that does automatic transaction scripting, identification, and reconciliation with the banks. As it is more suitable for payment-related businesses, it comes already compatible with the regional ISO standards and the payment gates for the most popular providers, Mastercard and Visa as an example.
The second part is a large API module that contains the already created endpoints for integration with various ecosystem elements as well as third-party providers. The separation of these blocks gives the flexibility of software development and adjustment without the halt of the overall business process.
Who can use a white-label digital wallet?
- Retailers can use an e-wallet to provide their customers with a convenient way to pay for goods and services.
- eCommerce businesses can use the functionality of the wallet to provide their customers with a convenient way to pay for goods and services.
- Service providers can use a digital wallet to provide their customers with a convenient way to pay for goods and services.
- Financial institutions can use an e-wallet to provide their customers with a convenient way to pay for goods and services.
What are the features of a white-label digital wallet?
-Branding: White label digital wallets are branded with the business’s logo and colors, allowing businesses to build brand awareness and loyalty.
-Seamless Integration: wallets can be seamlessly integrated into existing websites and apps, providing a more seamless experience for customers.
-Security: e-wallets come with all the security features of a traditional digital wallet, ensuring that customer data is safe and secure.
-Customer Support: Businesses can provide customer support for their products, ensuring that any issues are quickly resolved.
There are generally two types of fees associated with using such solutions: setup fees and transaction fees. Setup fees are typically charged by the provider upfront to create and configure your account. Transaction fees are usually charged on a per-transaction basis and may vary depending on the type of transaction being made.
What are the risks of using a white-label digital wallet?
- Lack of control: When you use a digital wallet provider, you are essentially outsourcing the management of your digital wallet to a third party. This means that you have less control over how your digital wallet is used and managed, which could lead to security risks.
- Limited features: providers often offer limited features and functionality compared to other types of wallets. This can make it difficult to find the right provider for your needs, and it may also limit how you can use your digital wallet.
- Security risks: One of the biggest concerns is the security risk involved. Because these wallets are managed by third parties, there is always the potential for security breaches that could expose sensitive information or lead to financial losses.
SDK.finance balances the strong and weak points of the white-label digital wallet. Look into the features and product capabilities we have designed.
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