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October 20, 2022

Cashfree’s solution lets fintechs launch prepaid cards, wallets

Indian payments and banking solutions firm Cashfree Payments has unveiled ‘Issuance’, a card issuance stack, allowing businesses to launch physical and virtual prepaid cards. 

According to media reports, the new solution will enable fintechs and platforms to introduce prepaid cards and wallets along with custom branding and required controls.   

Further, businesses can reportedly offer the cards to their staffers, customers as well as partners within weeks.

An application programming interface (API)-powered stack, ‘Issuance’ will serve multiple use cases including payroll and incentive disbursals, customer loyalty programmes, expense management among others.

Cashfree Payments co-founder and CEO Akash Sinha 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 and platforms can launch their prepaid card and wallet programme in a matter of weeks.

“As a front-runner in the API banking and payments space, ‘Issuance’ strengthens our focus on accelerating digital payments for India.”

Businesses can design the prepaid card to suit their specifications including creating closed loop, open loop or hybrid payment options, adding spend limits feature and facilitating minimum and full KYC prepaid cards.

Through the card issuance stack, platforms can launch either mono-branded or co-branded prepaid cards.

The cards can be tagged easily with Cashfree Payments’ Payment Gateway and Payouts.

Earlier this year, it was reported that Cashfree Payments will expand its global reach to 15-18 countries over the coming two years through merger and acquisition deals.

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