Consumer prepaid cards allow consumers to cover personal expenses, make in-person or online purchases, and access cash using an ATM. A prepaid card resembles a debit card, but it doesn’t have to be directly tied to a bank account.
Highnote Consumer Prepaid Product allows you to issue prepaid cards funded using your card product funding account. You can transfer funds into a card product funding account via direct wire or ACH. Once funds are available, the cards are ready for use by your account holders.
These prepaid cards may be virtual cards available on your app or website, tokenized cards in digital wallets such as Apple Pay, or physical cards mailed to your card’s account holder. With Highnote, you can create a physical card order for one individual or a group of different individuals with our Group Shipping feature.
A prepaid card can be funded without being linked to a bank account and a user can access the funds for a certain period of time. These properties make prepaid cards a great option for giftcards or reward cards.
However, prepaid cards apply to many other business scenarios as well. Highnote can support use cases including general-purpose reloadable prepaid cards with similar features to a debit card, payroll cards for employees by their employers, and many more. We will solution with you to design what best works for your business.
For example, we recently announced partnership with Chipper Cash, a cross-border payments app used by over five million people throughout Africa and its diaspora, to launch a consumer prepaid card program that enables their users to make digital transactions.
Highnote is the only purpose-built all-in-one issuer processor and program manager that offers the level of customization, velocity and scalability you cannot find elsewhere.
Learn more about our Consumer Prepaid product here. If you have any questions, talk to us now.