American payments startup Stripe has launched a card-issuing service for its US clients as part of updates to its core payments platform.

The card issuing service is designed to enable businesses to create their own contactless cards tailored to the specific needs of their customers.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Dubbed ‘Stripe Issuing’, the service is said to lower the time for card creation from two months to two minutes for virtual cards and two days for physical cards.

Stripe revealed that companies like Zipcar, Carrot and Postmates are already creating hundreds of thousands of cards every month for drivers, employees and couriers.

Andreessen Horowitz general partner Alex Rampell said: “Businesses can now use an API to create and issue cards exactly when and where they need them, and they can do it in a few clicks, not a few months.”

Apart from the card-issuing service, the company will process card transactions by directly integrating with major card networks globally.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Stripe’s platform connects directly to card issuers like Visa, Mastercard, American Express, Discover, JCB, and China Union Pay. This eliminates the requirement of intermediaries.

Currently, the firm takes more than 250 million API requests every day and maintains an uptime of 99.99%.

Lastly, Stripe is offering a revenue optimisation engine which minimises false card declines for businesses.

Stripe leverages machine learning technology built for its fraud-prevention tool Radar to route, adapt and retry transactions and maximise authorisation rates.

The revenue optimisation engine is anticipated to generate $2.5bn for participating businesses this year.