Cashfree Payments Is Launched Stack of Cards Issued
Cashfree Payments, a provider of payments and application programming interface (API) banking solutions, is releasing a card issuance stack as part of its issuance tool, allowing FinTechs and companies to issue branded physical and virtual prepaid cards, wallets, and wearables.
Issuance may be utilized for payroll, customer loyalty programmed, expenditure management, and more, and will enable low-code and no-code processes so that enterprises can deploy prepaid cards within weeks without requiring many connections.
The customizable prepaid cards allow companies to set spending limitations and establish closed-loop, open-loop, and hybrid payment methods. APN News noted that cards may be co-branded or mono-branded, bundled, and packaged seamlessly with Cashfree Payments’ Payment Gateway and Payouts.
The low-code flow of issuance points to the company’s “technological prowess,” said Cashfree Payments Co-Founder and CEO Akash Sinha.
“As a front-runner in the API banking and payments space, ‘issuance’ strengthens our focus on accelerating digital payments for India,” he said.
According to the statement, Cashfree Payments’ Payouts product is the industry leader for bulk disbursements in India, with a market share of over 50% among payment processors.
Cashfree Payments collaborates with financial institutions (FIs) to establish payment and banking infrastructure and is linked with key platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm, and Google Pay, according to an APN News article.
According to its website, the scalable payments network, incubated by PayPal and funded by SBI, Y Combinator, and Apis, manages the payment requirements of more than 150,000 enterprises to collect and earn more than $40 billion and services more than 200 million bank accounts.
