As with any program, requirements and scope can quickly escalate. This leads to delayed launches, potential missteps, and the inevitable communication challenges. Debit card programs don’t have to be laden with complexity or unknowns. Starting with a straightforward plan and fast launch not only cements the foundation, it paves the way for add-on and refinement as program elements are tested. These early learnings inform a well-considered program built for scale and success.
Here are the core elements for an MVP approach to launching a debit card program:
Digital-first, then physical cards
A virtual debit card is the quickest way to launch. Easily embedded into an existing app or digital wallet, it can go live in weeks. Customers can receive their card digitally, fund it immediately, and use it across Apple Pay, Google Pay, or Samsung Pay.
With a digital card and PIN, customers can:
- Fund their account via ACH debit
- Transfer from an external bank account
- Add funds from an existing debit card
A fast-follow can be the physical cards, with the same design and functionality for all card-present transactions.
Select first-users
Selecting the right audience for initial launch can be the most telling aspect of the program. Consider targeting a segment that combines high loyalty with prior interest in financial products, such as customers who applied for a co-branded credit card but didn’t qualify. This group has already shown strong engagement and likely interest in earning rewards, and importantly, don’t cannibalize existing credit programs..
Think of this as a pilot audience, rich with insight and early validation.
Simple rewards structure
There’s no need to over-complicate the rewards structure. It can be helpful to mirror a credit offering for earning. (e.g., 1x point per $1 spent on your brand). Customers may be used to seeing those rewards structures, and feel compelled to apply. Rewards tiers, fees, and sign-up bonuses can be altered to meet cost and revenue expectations.
Onboarding + basic KYC
The fundamentals for KYC are: Full name, Date of birth, residential address, and an identification number (e.g., SSN or foreign government-issued ID). These are non-negotiables, they are required for every card applicant. It bears repeating that for debit there is no required credit check, so the application process can be streamlined and simple. Behind the scenes, fraud detection engines and reviews ensure the right people are getting the card.
Basic functionality
The fastest path is to offer an app that applicants and cardholders use for all functions, including applying, balance checks, recent transactions and rewards status. A robust backend ensures the enterprise can monitor key metrics, including activation rates, usage, spending patterns, interchange revenue, consumer balances.
Learn & iterate
With real-time data, enterprises can immediately assess launch efficacy and begin to make adjustments. Caution should be applied here to ensure the fundamental offer does not change, this can cause confusion and frustration with both early-adopters and new applicants alike. However, iteration can include card design, reward triggers, and messaging.
Start fast, launch smart
Starting with a minimum viable product (MVP) approach keeps debit card programs focused, fast, and manageable. By piloting digital cards, targeting a select first-user group, offering a simple rewards structure, and implementing streamlined onboarding with basic KYC, enterprises can gather critical insights without overcomplicating the launch. Early learnings inform iterative improvements, setting the stage for a scalable, full-featured program that balances customer experience, operational efficiency, and long-term growth.
