What is White Label Financial Application

05/01/2022 Image

The popularity of electronic payments is growing. Companies that offer customers convenient payment forms gain a competitive advantage. But not every company can afford to spend time and money developing its own application. The solution is white label banking.

How to get your own payment system

Developing your own platform is a time-consuming and expensive process. But the company can use other options for obtaining software:

• Co-branding is an amalgamation with another brand to create and promote a product, in which the development is carried out by a company that has the resources for this. This is how the Apple Pay platform appeared - an Apple product and Master Card.

• Outsourcing is the use of a finished product developed by another company under certain conditions. It’s suitable for short-term projects. For long-term use, the company depends upon the conditions offered by the developer of the application.

• White Label - promotion of a product developed by another company under its own brand. The idea for the White Label came from the music industry, where labels produced vinyl records that distribution companies could put their own logo on.

What are the advantages of White Label

The White Label app is a way to quickly offer customers a complete set of branded payment apps.

The main advantages of White Label applications:

• Expansion of the brand's product line in a short time.

• Income increase due to a varied number of transactions made by customers.

• An opportunity for a company to remain relevant in a competitive market, offering a variety of services in demand.

• Increased brand awareness through a new app.

For startups, the White Label app is a finished product that will become the starting point for brand promotion in the market.

When choosing a White Label app, the developer must understand how the product or service offered by the brand works.

 

What Wallet Factory Company offers

Wallet Factory offers p2p wallet development for the brand. The company gets the opportunity

• to offer customers a demanded service under its own brand in a short time;

• to study the clients’ behaviour, their financial, product and geographic preferences.

The company's clients, in turn, have the opportunity:

• to make regular payments in a convenient way;

• to participate in loyalty programs offered by the company.

Electronic wallets from Wallet Factory is a fast and convenient solution for the brand and its customers.

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