If you use a digital banking app or an online-only prepaid card or savings provider, it’s possible that you’ll be using the services of a company like Wallester.
What is Wallester?
Financial services companies that offer whizzy new digital banking products can sometimes use a company like Wallester to provide the digital infrastructure as well as the physical debit and prepaid cards with their own branding on them to enable their customers to use their banking or prepaid card services.
Wallester is therefore what fintech industry players call a ‘white label’ provider of technology services and Visa cards used by a range of financial services providers. That basically means they can provide everything ‘under the hood’ for an online financial services company or digital marketplace to operate effectively. These companies can then put their branding on top of these services and applications.
How does Wallester work?
The Estonian company offers a suite of technical and security services, like application programming interfaces (APIs) and card issuing services.
For example, it can provide the app that an online-only bank’s customers use to manage their account, make and receive payments and categorise their spending.
It also offers a selection of ready made products designed to provide solutions to some of the common issues that online banking, loan and credit card providers face, like fraud monitoring, and payment authentication.
Is Wallester suitable for your business?
Wallester offers services to a range of businesses, not just those in banking. It offers payment tools and services across a range of business sectors, including:
Peer-to-peer loan providers
E-commerce marketplaces
Travel agencies
Gift and reward card providers
Membership and loyalty card schemes
Insurance companies
Online advertising
Streaming platforms
Expense management
If your business falls under one of these categories, there may be some tools that can help your company make customer transactions safer, faster and more efficient.
Is Wallester safe?
Wallester provides a range of services designed to make payment processes more secure. These include ‘know-your-customer’ (KYC) and anti-money laundering (AML) systems. So, it’s a fair bet they take their customers’ security seriously.
Out verdict: Is Wallester any good?
Wallester offers a wide range of digital and physical card services for companies working across financial services, ecommerce, digital media and travel.
It may provide the kinds of services that your online company needs to get up and running quickly, safely and in a way that offers convenience to your customers.
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Nick Renaud-Komiya has been a writer and reporter for nine years, covering a range of consumer issues from energy suppliers to banking and mortgage issues. He enjoys helping people take control of their personal finances and better understand their consumer rights. Nick’s consumer writing and money journalism has been featured in a range of outlets including MoneySavingExpert.com, The Sunday Mirror, The Independent and Money.co.uk. Outside of work Nick enjoys cooking and collecting old David Bowie merch. See full bio
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