Cashfree Payments, which claims to be one of India’s leading payments and API banking solutions companies, announced the launch of Card Issuance Stack with their new solution ‘Issuance’ “to enable businesses such as fintechs and platforms to launch prepaid cards and wallets for their customers, employees and partners.”
‘Issuance’ is “a prepaid card and wallet issuance API stack which can be used for payroll & incentive disbursals, customer loyalty programs, expense management among other use cases. ‘Issuance’ allows businesses to launch both physical and virtual prepaid cards.”
‘Issuance’ will “offer low-code and no-code flows to enable businesses to launch their customized prepaid card or wallet in a few weeks without deep integration with multiple entities.”
‘Issuance’ enables platforms “to design and customize their own prepaid card features including assigning of spend limits, creating closed loop, open loop or hybrid payment options, facilitating minimum and full KYC prepaid cards.”
‘Issuance’ allows businesses “to launch both mono-branded and co-branded prepaid cards. ‘Issuance’ can be bundled seamlessly with Cashfree Payments’ Payment Gateway and Payouts to create a powerful tool for business.”
For example, fintechs can “leverage the solutions to scale their neo-banking use cases such as parent-child and family expense management, among other use cases.”
Akash Sinha, Co-founder and CEO of Cashfree Payments said:
“We are extremely proud to launch Cashfree Payments’ Card Issuance Stack with our new solution ‘Issuance’. ‘Issuance’ with its low-code flow is yet another example of Cashfree Payments technological prowess wherein with minimal integration, Fintechs & Platforms can launch their prepaid card & wallet program in a matter of weeks. As a front-runner in the API Banking & Payments space, ‘Issuance’ strengthens our focus on accelerating digital payments for India.”
With over 50% market share among payment processors, Cashfree Payments today claims that it “leads the way in bulk disbursals in India with its product Payouts.”
Recently, India’s largest lender, SBI “invested in Cashfree Payments underscoring the company’s role in building a robust payments ecosystem.” Cashfree Payments works closely with all leading banks “to build the core payments and banking infrastructure that powers the company’s products and is also integrated with major platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm and Google Pay.”
Apart from India, Cashfree Payments products are “used in eight other countries including the USA, Canada and UAE.”
As noted in the update, Cashfree Payments claims it is “a leading payment and API banking solutions company.” It provides full-stack payments solutions “enabling businesses in India to collect payments and make payouts via all available methods with simple integration.”
Cashfree Payments’ offerings “include an advanced and easy way to integrate payment gateways, a split payment solution for marketplaces, bank account verification API, and Auto Collect — a virtual account solution to match inbound payments to customers.”