FF News Logo
Saturday, February 15, 2025
FKV2483 - FinovateEurope - FFNews banner - 728x90

How Telecoms Are Turning into Fintech Giants with White-Label Payment Solutions

Today, the telecom industry is growing rapidly. According to Statista, global telecommunications spending will reach 1.6 trillion dollars in 2024, representing a 4.3% increase from 2023. However, increased demand for telecom services also creates fiercer competition in the industry. To gain a competitive edge, telecoms strive to differentiate themselves through innovation and expanded service offerings.

One of the non-obvious but powerful solutions for unlocking additional revenue streams is a white-label payment gateway. At Akurateco, we specialize in providing white-label payment solutions to our customers, including well-known telecom companies, Monty Mobile, and Ooredoo, with whom we are partnered through TESS Payments. Today, we’ll walk you through a white-label payment gateway adoption process by a Central Asian telecommunications company, and explore how it helped them unlock additional revenue streams.

Why telecoms should get into financial technology

Telecom companies are uniquely positioned to venture into fintech, having extensive customer bases and well-established infrastructure. Considering the growing demand for online payments, telecoms can diversify their service offerings by expanding into payment services, providing a convenient, one-stop solution for their customers, and attracting new ones. Modern Software-as-a-Service (SaaS) solutions enable telecoms to avoid the complexities of developing fintech products from scratch. These pre-built solutions are white-label payment gateways. They act as an alternative to in-house development, being quick and cost-effective to implement, making it easier for telecoms to enter the financial technology space.

By partnering with Akurateco, a global white-label payment software vendor, they have launched a payment solution under their brand, establishing their own payment provider. This bold move allowed them to integrate a white-label payment gateway into their existing services, seamlessly managing both the mobile and payment needs of their customers.

White-label payment gateway adoption

Having decided on a payment software provider, they started the adoption process. At this point, Akurateco provided them with a ready-to-use system, tailored to launch under their brand. They supplied us with their branding guidelines and selected payment integrations they desired. Additionally, we tailored the payment technologies to fit their needs and conducted comprehensive training for their team. With Akurateco’s expertise, they successfully integrated the white-label payment gateway, enhancing their service capabilities. This not only unlocked a new revenue stream but also enabled them to offer tailored, branded payment solutions that resonated with their customer base.

The power of a proprietary payment card

Additionally, the company launched its own Visa Platinum card linked to mobile accounts, facilitating international transfers without additional fees up to a certain limit. The decision to issue their proprietary payment card marked a significant milestone. With the financial license secured, they operated as an independent payment provider. By embedding this card into their telecom ecosystem, they encouraged customers to pay for telecom services via it, boosting their trust and significantly reducing processing costs.

Maximizing revenue and reducing costs

Becoming their own payment provider meant retaining revenue that would otherwise be shared with third-party processors. The white-label solution kept transaction fees in-house, maximizing profit margins. This increased profitability allowed them to reinvest earnings into further service improvements and development.

Building a merchant-friendly payment ecosystem

The company did more than simply offer cards to existing customers. They introduced attractive discounts and loyalty programs to encourage the use of their branded cards nationwide. Customers were rewarded with extra minutes or internet coverage when using their cards for purchases from affiliated merchants. These incentives fostered customer loyalty and attracted more merchants to join their payment network, creating a mutually beneficial ecosystem.

Strengthening loyalty among customers and merchants

The company’s loyalty programs motivated cardholders to use their cards more frequently, increasing transaction volumes and customer engagement. Higher customer traffic and sales created additional revenue opportunities for merchants. Additionally, merchants benefited from reduced transaction fees and enhanced payment processing efficiency.

To further strengthen customer and merchant loyalty, the company continually refined its loyalty programs based on feedback and usage patterns. This adaptive approach ensured sustaining high levels of customer satisfaction and merchant engagement. The win-win scenario solidified the bonds between the company, its customers, and merchant partners, fostering long-term loyalty and driving continuous growth.

In outline

Now is the opportune moment for telecom companies to revolutionize their business models by becoming payment providers. The rapidly evolving digital landscape and growing demand for online payment solutions make this transition not only feasible but highly advantageous. White-label payment gateways offer telecom companies a strategic avenue to diversify revenue streams and enhance service offerings.

Akurateco boasts a proven track record of delivering significant results for telecom clients. With tailored solutions and dedicated support, we empower telecom companies to thrive in a rapidly changing environment. Our experts will be happy to help you discover how a white-label payment gateway can bring you stable year-over-year growth and successful expansion into new markets. Don’t hesitate to visit our website or reach out to us here.

People In This Post

Companies In This Post

  1. Bleap Launches Earn: A Yield Product for USD and EUR Stablecoins Read more
  2. Lucanet xP&A empowers CFOs to Create Value Beyond the Financial Function Read more
  3. Miura Launches New Unified Payment Platform – Miura Ascend Read more
  4. TT® Platform Named Derivatives Trading System of the Year at FOW International Awards Read more
  5. Sidetrade Announces Alliance With Interpath Read more
FKV2483 - FinovateEurope - FFNews banner - 300x300