US-based corporate payouts platform Onbe had announced its recent partnership with CardCash to enable instant payouts on virtual Mastercard.
This alliance has developed a solution that provides consumers with instant virtual cards in exchange for their unused gift cards. This makes it easier for them to use their unwanted gift cards as a flexible payment method.
Following a pilot program over the summer of 2023, Onbe and CardCash’s solution will launch just in time for the holiday season, allowing CardCash customers to immediately spend their funds with the 37 million merchants that accept Mastercard globally.
As the sales and usage of gift cards increase every year, it is important to provide resellers with flexible, secure, and fast payout options in the secondary gift card market. Through this partnership, CardCash and Onbe aim to offer convenient payment options that follow the ever-changing preferences of consumers.
CardCash, is a platform that offers a large inventory of discounted gift cards, which allows customers to sell their unused gift cards or trade them for gift cards from their favourite businesses.
According to the official press release, more than half of American adults have unused gift cards amounting to a total value of USD 15.3 billion. Previously, users who opted to sell their gift cards could choose to get paid by PayPal or ACH, which could take up to two days to fulfil. However, the addition of Onbe's virtual Mastercard cards now provides an instant and widely accepted payment method. Thus, Onbe will work with CardCash to deliver additional payout choices, alongside CardCash’s already diverse gift card exchange, with an on-demand payment solution.
In addition, this collaboration will help over 51% of adults in the U.S. who have unused gift cards to unlock the value of funds that might otherwise go unused and forgotten.
Related to this partnership, CardCash stated that their customers love the fast, secure payment option and that the company aims to make it easy for people to exchange their unused gift cards and get what they want. Moreover, during that pilot program, Onbe’s virtual card offering grew faster than other non-cash payment options. Therefore, is set to surpass other noncash options by the end of 2023.
Onbe offers a payment platform and tools that enable its clients to provide modern payment experiences to payees. Its gateway supports popular digital payment options such as digital wallets, global bank transfers, and real-time payments. Its payment solution is currently used on five continents and supports over 145 currencies. Its single point of integration solution serves a variety of industries, including healthcare, insurance, energy, consumer goods, property management, automotive, banks, and financial institutions.
In 2023, the disbursements platform had a series of partnerships to expand its payments development. In May, Onbe added PayPal and Venmo to its gateway to further align with the demand for digital payments and to provide payees with modern payment options within Onbe’s existing single payout gateway.
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