UK-based fintech firm Sticpay has launched a new prepaid card to allow users to spend or withdraw funds through its e-wallet solution.
Users can withdraw funds at local ATMs or spend directly using the prepaid card.
Dubbed STIC Card, the prepaid card is available to all global customers and not just for European Economic Area (EEA) residents.
Sticpay has a presence in the Asian market as well – including Japan, China, Indonesia, the Philippines, and Thailand.
Unlike competitor prepaid card solutions that are available only for residents of the European Economic Area (EEA), the STIC Card works supporting over 177 countries in Europe and Asia.
The fintech firm said that all its e-wallet users globally can order the prepaid card after successfully verifying the necessary Know Your Customer (KYC) documents.
Sticpay customer service director James Bay said: “By introducing the STIC Card, Sticpay can fulfil the rising demand for prepaid cards, especially in Asian countries, while providing a low-cost, fast, and convenient way for the users of our e-wallet service to spend their balances or withdraw their funds.
“We treat all our customers equally, that’s why we don’t restrict access to the STIC Card on the basis of account activity.
“Customers outside of the EEA region have been missing out on the prepaid card solutions of digital wallet services for a long time.
“We wanted to end this trend and introduced global access to the STIC Card that features lower account and ATM withdrawal fees than our direct competitors.”
The new STIC Card comes with an associated fee structure for card usage and has a daily and monthly spending limit of up to $9,500.
Founded in 2018, Sticpay received an e-money license from Financial Conduct Authority (FCA) to offer cross-border transfers, prepaid cards, and reward programmes on its platform.