Bengaluru: Cashfree Payments, one of India's payments and API banking solutions company, 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, said a statement. 'Issuance' is a prepaid card and wallet issuance API stack which can be used for payroll and incentive disbursals, customer loyalty programmes, and expense management, among other use cases. It will allow businesses to launch both physical and virtual prepaid cards.
'Issuance' will offer low-code and no-code flows to enable businesses to launch their customised prepaid card or wallet in a few weeks without deep integration with multiple entities. It will enable platforms to design and customise their own prepaid card features, including assigning of spend limits, creating a closed loop, open loop or hybrid payment option, and facilitating minimum and full KYC prepaid cards. 'Issuance' allows businesses to launch both mono-branded and co-branded prepaid cards. It can be bundled seamlessly with Cashfree Payments' payment gateway and payouts to create a powerful tool for business.
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 and platforms can launch their prepaid card & wallet programme 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 percent market share among payment processors, Cashfree Payments today 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, said the statement. "Cashfree Payments works closely with all leading banks to build the core payments and banking infrastructure that powers the company's products. It 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," it added.