Cashfree Payments launches ‘issuance’ platform for fintech firms

‘Issue’ is an API stack for issuing prepaid cards and wallets that can be used for salary and incentive payments, customer loyalty programs, expense management among others. ‘Issue’ 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 custom prepaid card or wallet in a matter of weeks without deep multi-device integration. It enables platforms to design and customize their own prepaid card features, including assigning spending limits, creating closed-loop, open-loop or hybrid payment options, and facilitating minimum and full KYC prepaid cards. “Issue” allows companies to launch both mono-branded and co-branded prepaid cards. It can be seamlessly bundled 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 spending, among others.

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’. Low code flow ‘Issuance’ is yet another example of Cashfree Payments’ technological prowess where Fintechs & Platforms with minimal integration can launch their prepaid card & wallet program in a matter of weeks. As a frontrunner in the API Banking & Payments space, ‘Issuance’ reinforces our focus on accelerating digital payments for India.”

With over 50% market share among payment processors, Cashfree Payments is today the leader in bulk payments in India with its product payments. Recently, India’s largest lender, SBI, invested in Cashfree Payments underscoring the company’s role in building a robust payments ecosystem. Cashfree Payments works closely with all leading banks to build the core payment and banking infrastructure that powers the company’s products and 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 US, Canada and the UAE.