Following this announcement, the card will be offered through the Swypex Premium subscription, and it aims to apply spending limits that are activated only after transactions are reviewed and approved.
In addition, this setup will give finance teams the possibility to maintain oversight and enforce optimised spending policies in real-time. The company is expected to continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the local industry as well.
According to the officials of the company, the card was modelled on the structure of petty cash management, as it is expected to use a rotating balance system in order to ensure employee spending does not exceed approved limits. At the same time, the product will replace manual processes with a streamlined and secure mechanism, aiming to improve operational control.
While over 74% of adults are currently financially included and mobile wallet usage is growing, 94% of business payments are still processed manually, making the overall experience slower for customers. With this in mind, Swypex aims to address these challenges with the use of localised products that were developed and built to meet international standards. Included in this strategy is the Approval-Based Limits Card, as the product is also a part of a broader Premium subscription, including cashback, spend controls, and customisable approval workflows. Furthermore, this setup will also allow finance teams to maintain oversight and enforce spending policies in real time, while prioritising the process of improving customer experience and accelerating development to market as well.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now