Cashfree Payments announced the launch of the Card Issuance Stack as part of their “Issuance” solution. This move aims to make it possible for platform-based and fintech companies to introduce prepaid cards and wallets for their partners, customers, and employees.
Issuance from Cashfree is a wallet and application programming interface for prepaid issuance (API). Payroll and incentive payments, customer loyalty programmes, cost management, and other uses are all possible. According to a press release from Cashfree, this API will allegedly allow businesses to introduce their own physical and virtual cards.
“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,” said Akash Sinha, Co-founder and CEO of Cashfree Payments.
“As a front-runner in the API Banking & Payments space, ‘Issuance’ strengthens our focus on accelerating digital payments for India,” he added.
Issuance will provide “low-code”, and “no-code” flows for businesses to launch their personalised prepaid cards, according to the press release. Deep integration and the involvement of numerous companies are not required within a few weeks for card creation.
Businesses that create prepaid cards can include features like assigning spend limits, creating closed, open loop, or hybrid payment options, providing minimum or full KYC prepaid cards, etc.
Prepaid cards with both mono- and co-branded may be introduced by firms.
The Payment Gateway and Payouts from Cashfree Payments can also be combined with this recently announced API to create a more powerful card system.
