Online payments company Stripe announced Stripe Issuing, a platform for creating and managing physical and virtual cards. This includes creating “employee expense cards with dynamic spending limits.”
Physical cards “can feature customizable designs, and ship in a few days,” according to a Stripe blog post. Virtual cards “can be used instantly through mobile wallets.” Admins can “implement approved merchant categories, spending controls, per-user bookkeeping and other restrictions.”
“Traditionally, card issuance has involved extensive development time, complex requirements, long-term contracts, and significant upfront fees,” the company wrote. “We help abstract the complexity so you can start creating cards faster and scale more efficiently.”
Stripe indicated the new program is “certified directly with all major card networks as an issuing processor.” It supports Apple Pay and Google Pay.
According to Bloomberg, Stripe “will get a small cut of each payment made with the cards and will share some of that revenue with the companies when they use the cards — directing some cash back to the employer whose sales team is expensing dinner, for example. The employer’s logo would go on the physical cards, and Stripe will handle printing and distribution for a separate fee.”
The report also indicated that Stripe’s cards would use the Mastercard and Visa networks.
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