Did you know that over 820,000 virtual cards, worth over TZS 220.15 billion, have been processed in Tanzania? While this is due to the increasing number of mobile phone users, there are several other reasons why users adopt digital payment methods in their business.
In this blog, we’ll divulge the concept of corporate cards in Tanzania, highlighting the best virtual card issuing provider in Tanzania, and how to approach them.
Whether you're building a fintech product or serving SMEs, Miden can help you issue cards quickly, securely, and at scale.
Key Trends Driving Business Adoption Of Virtual Cards In Tanzania
Aside from its modern approach, the majority of Tanzanian SMEs are adopting virtual cards in their businesses due to reasons such as:
1. Flexible Spending Control:
More often than not, most businesses prefer a heightened oversight on spending usage, compared to where there’s zero control.
This is a great business strategy to help prevent overspending, enhance transparency, and gain financial discipline. For example, in cases where companies assign cash to teams, there’s little to no guidance on how to navigate spending allocation. It could also lead to further issues.
Gaining flexible spending control helps companies oversee corporate card expenses, monitor transactions in real time, and aid accountability.
In other words, it’s convenient to use in a corporate setting, particularly when dealing with teams.
2. Faster & Simpler Payment System:
Virtual card issuing offers a swift payment process where businesses can easily integrate the card APIs into their payment infrastructure.
This creates a fast and simple payment process, ideal for B2B founders, SMEs, B2C fintechs, and more.
This system also helps businesses to set up recurring or one-time payments, pay merchants promptly, and avoid delays in procurements.
3. Cross-Border Payment Capabilities:
Virtual card issuing allows Tanzanian businesses to process payment transactions across the border. In other words, a virtual card can be established in multiple currencies, whether USD, TZS, EUR, and more.
This helps businesses in Tanzania to streamline the payment processing across countries. It also facilitates global payment in international e-commerce stores such as Amazon, Walmart, AliExpress, and more.
4. Ideal for Remote & Centralized Teams:
As the world migrates to remote and hybrid work systems, physical cards are gradually becoming obsolete. Coupled with this, several corporate purchases are executed via the internet, rather than physically.
This is another key trend as to why many businesses adopt and prefer a virtual card that can be sent to any team member via the internet, which can be used for online purchases, tracking expenses, facilitating transparency, and more.
5. Fraud Prevention & Improved Security Measures:
Another key trend to highlight is the increased security measures and fraud prevention resources. A lot of virtual cards come with built-in security features, such as single-use or merchant locked cards, quick freezing, or restrictions in case of any fraudulent activities.
For example, Miden is one of the leading card-issuing providers in Tanzania. They issue cards that are PCI DSS Compliant and NDPR Certified.
Best Virtual Card Issuing Provider in Tanzania
Miden stands out as one of the best virtual card issuing providers in Tanzania.
From its developer-friendly API to top-notch customer support, Miden plays a significant role in facilitating digital payment adoption in Tanzania and across Africa as a whole.
They create a card program, making it easy for businesses to offer payment options without the need to build a new infrastructure from scratch, thereby saving money and time.
In essence, they offer card issuing capabilities to financial and non-financial companies in and across the country.
Here are some of the best key use cases when utilizing Miden’s virtual card issuing resources:
1. Employee Expense Management
Ideal for: Remote workers, field teams, sales teams, business operation teams, and more.
2. Online Subscription & Purchase Management
Ideal for: Tech startups, creative agencies, marketers, SMEs, etc.
3. Ad Spend & Media Buying
Ideal for: Marketing Agencies, e-commerce brands, digital media firms, etc.
4. Cross-Border Payments
Ideal for: Fintech companies, SMEs, e-commerce businesses, agencies working with global partners, travel agencies, and more.
5. Embedded Finance & B2B Platforms
Ideal for: Platforms serving SMEs, logistics, individuals, or offering professional services.
Why Miden?
Miden is revolutionizing the Fintech market with industry-driven solutions such as virtual card issuing, wallet program, banking as a service, and more.
Here are the top five (5) reasons why Miden remains a leading provider of virtual card issuing in Tanzania:
- Miden has been a leading companion in the fintech space for several years. Led by revolutionaries, the company offers swift virtual card integration capabilities to businesses across Africa.
- Trusted by industries across the space, Miden enables local and international payment programs for businesses with global partners.
- Miden offers a card program with built-in security. In other words, they are PCI-DSS and NDPR compliant, establishing a competitive edge in the market.
- They also create an avenue where businesses can control their spending and track expenses in real time, thereby increasing transparency and efficiency in work teams.
- Unlike competitors, Miden offers customizable solutions for corporate payment cards. From prepaid to debit and credit cards, Miden offers customizable functions that can help businesses increase their users' trust and confidence.
FAQs on ‘Virtual Card Issuing in Tanzania’
1. Which bank gives a virtual debit card instantly?
Miden offers virtual debit cards instantly. They have readily built infrastructure that can be allocated to respective business owners swiftly. Check out their documentation for more details.
2. Is there a free virtual card issuing in Tanzania?
Virtual card issuing in Tanzania typically comes at a cost. However, each cost depends on the chosen provider, needs, market analysis, and more.
3. How do I use virtual cards for online payments?
When you use Miden virtual cards, you’ll get access to the required API that will be integrated into your payment systems. This will give you access to key card details such as the card number, CVV, etc. These can be used to facilitate online purchases.
Final Thoughts on ‘Virtual Card Issuing in Tanzania’
When it comes to virtual card issuing in Tanzania, it’s important to consider the market needs with respect to your goal.
In Tanzania, card adoption is skyrocketing every day, with thousands of industries adopting digital payment services.
This also streamlines users’ experience and bolsters a conducive work environment.
In this light, Miden stands out as one of the best virtual card issuing providers in Tanzania.
Found in:
Fintech
