Cashfree Payments launches prepaid card and wallet service

Source: Cashfree Payments

Cashfree Payments, Indias leading 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.

‘Issuance’ is a prepaid card and wallet issuance API stack which can be used for payroll & incentive disbursals, customer loyalty programs, expense management among other use cases. ‘Issuance’ allows businesses to launch both physical and virtual prepaid cards.

‘Issuance’ will offer low-code and no-code flows to enable businesses to launch their customized prepaid card or wallet in a few weeks without deep integration with multiple entities. ‘Issuance’ enables platforms to design and customize their own prepaid card features including assigning of spend limits, creating closed loop, open loop or hybrid payment options, facilitating minimum and full KYC prepaid cards. ‘Issuance’ allows businesses to launch both mono-branded and co-branded prepaid cards. ‘Issuance’ can be bundled seamlessly with Cashfree Payments’ Payment Gateway and Payouts to create a powerful tool for business. For example, fintechs can leverage the solutions to scale their neo-banking use cases such as parent-child and family expense management, among other use cases.