Co-branded debit cards have gained tremendous popularity among several business organizations across the world. A co-branded debit card program essentially involves an association of a bank, business entity and credit card providers such as MasterCard and Visa.
A co-branded debit card has the name and logo of the bank printed along with MasterCard or Visa logo. Through co-branded debit card programs, companies can represent their brand logos and names on the co-branded cards. This way, they can promote their brand and boost their business prospects.
A well- planned co-branded debit card programs are beneficial for both local and international business organizations. Co-branded card programs can be very instrumental in attracting new customers and retaining the old ones.
Consumers usually seek products that simplifies the payment process for them and make it more convenient. Co-branded programs are designed to offer flexibility in terms of payment options to suit the consumers’ needs. This helps in fortifying the bond between the companies and consumers.
Customers can use these co-branded cards to shop even when they run out of cash. Besides, they can also make online payments for their purchases, using these cards. In comparison to traditional payment options such as cash and store gift vouchers, co-branded cards are safer and better.
A well-designed co-branded debit card program can enhance the business prospects of business entities to a great extent significantly reduce the acquisition costs involved in bringing in new customers. This in turn increases the profit margin of the companies.
With co-branded cards, business organizations can gain international exposure and access more number of customers. Through these cards, companies can offer attractive offers such as cross selling, refunds and regular buyer plans. This helps companies in attracting new customers and expanding their businesses. Several companies in America, Europe, Middle East and Asia have gained by employing branded prepaid card programs or generic debit card programs.