Cashfree Payments launches card issuance stack solution, Issuance

Issuance is a prepaid card and wallet issuance API stack that can be used for payroll and incentive disbursals, customer loyalty programmes, and expense management among other use cases, while also allowing businesses such as fintechs and platforms to launch mono-branded and co-branded prepaid cards, both physical and virtual, and wallets for their customers, employees, and partners.

Offering low-code and no-code flows, Issuance will enable businesses to launch customised prepaid card or wallet in a matter of weeks, with no deep integration with multiple entities being needed. Additionally, the solution allows platforms to design and customise their own features for prepaid card such as:

Spend limits assignation;
Closed loop, open loop, or hybrid payment options creation;
Minimum and full KYC (Know Your Customer) prepaid cards facilitation.

With Issuance, businesses are enabled to create tools, as it can be bundled with Cashfree Payments’ Payment Gateway and Payouts; as an example, fintechs can leverage these solutions to scale neo-banking use cases (e.g.: parent-child or family expense management), amongst other use cases.

Cashfree Payments representatives have stated in their press release that the launch of the Issuance solution strengthens the company’s focus on accelerating digital payments for India.

Cashfree Payments has launched ‘Issuance’ to enable businesses to launch prepaid cards and wallets.

Cashfree Payments mission and recent developments

A payment and API banking solutions company, Cashfree Payments provides full-stack payments solutions that allow Indian businesses to make and collect payments via all available methods with a simple integration. Its offerings include payment gateways integration, a split payment solution for marketplaces, bank account verification API, and Auto Collect -– a virtual account solution to match inbound payments to customers. Working closely with banks to build the core payments and banking infrastructure that powers the company’s products, it is also integrated with platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm and Google Pay. Its products are used in eight other countries, with the US, Canada and UAE being included.

In September 2022, the company secured two new ISO certifications: ISO/IEC 27017:2015 certification, showing the company’s fulfilment of the Information Technology Security techniques and code of practice for Information Security for cloud services standards, and ISO/IEC 27018:2019, proving the fulfilment of IT security techniques and code of practice for the protection of Personally Identifiable Information (PTI) in public cloud standards. Following the receival of these certifications, company representatives have stated that they are looking to implement high-standard data and security measures to protect its customers’ interests.

In July 2022, Cashfree Payments launched a GSTIN (Goods and Services Tax Identification Number) verification solution, enabling businesses to verify the identity of vendors and partners in real life, thus reducing the chances of fraud. Another authentication solution was launched by the company in April 2022, Aadhaar Verification, for authenticating bank accounts, PAN, UPI, and IFS, enabling real time user identity verification by matching the Aadhaar number entered with the Aadhaar database.