Fancards has launched a new mobile app to enable real-time issuance of collegiately licensed prepaid cards. The app is available for both iOS and Android users, and is compatible with Apple Pay.

The new service comes with a range of features and capabilities, including creation of sub-cards under a primary account.

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It also includes recurring bank transfers, direct deposit, cash reloading and an option for real-time notifications on spending.

Users will also have access to in-app provisioning. They can instantly add a virtual payment card to Apple Pay, the company said.

Fancards co-founder and executive vice-president Greg Bogg said: “By enabling real-time issuance of collegiately licensed cards and providing the ability to create sub-cards under a primary account, we have taken the steps to ensure our cardholders have the best user experience and advanced technological tools at their fingertips.

“We believe Fancards is the first affinity card company to offer in-app provisioning and instant digital cards at this scale, as we now offer over 35 card designs in Apple Wallet.”

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Fancards offers collegiately licensed prepaid reloadable and gift cards. The cards, which are issued by Sunrise Banks, can be availed at merchants accepting Mastercard debit cards.

In August last year, Fancards partnered with Payment Data Systems and its prepaid card division FiCentive on real-time issuance of cards in mobile wallets.

As part of the deal, FiCentive agreed to support Fancards prepaid cards programme with management, processing and mobile applications development.