Onbe and CardCash team to launch Instant Payouts marketplace
By Gloria Mathias
Onbe, a corporate payouts platform, has partnered with CardCash, an online secondary gift card market for unused gift cards, to enable instant payouts on virtual Mastercard cards, making it easier for consumers to turn their unwanted gift cards into a flexible payment method.
Following a pilot program over the summer of 2023, Onbe and CardCash’s solution will launch in time for the holiday season, allowing CardCash customers to immediately spend their funds with the 37 million merchants that accept Mastercard globally.
CardCash, which maintains an inventory of discounted gift cards, enables consumers to sell their unused gift cards or trade them for gift cards from their favourite businesses. Previously, consumers opting to sell could choose to be paid by check, ACH which could take up to two days to fulfil, or PayPal. The addition of Onbe’s virtual Mastercard cards provides an instant, widely accepted payment method.
“During our pilot program, Onbe’s virtual card offering grew faster than any of our other noncash payment options and is set to surpass our leading noncash option, Amazon gift cards, by the end of 2023,” said Tom Ochoa, Head of Sales at CardCash. “Not only do our customers love the fast, secure payment option, but it furthers CardCash’s mission to make it easy for people to exchange their unused gift cards and get what they want.”
“Onbe is proud to work with CardCash to deliver additional payout choices, alongside CardCash’s already diverse gift card exchange, with an on-demand payment solution,” said Melissa Hentschel, Chief Client Officer at Onbe. “Especially around the holidays, everyone is looking for ways to stretch their dollars further, and what better way than to trade in unwanted gift cards on CardCash for an Onbe virtual card that’s available immediately.”
CardCash and Onbe will continue to provide up-to-date, convenient payment options, catering to ever-evolving consumer preferences. This collaboration will help U.S. adults with unused gift cards unlock the value of funds that might otherwise remain unused and forgotten.
IBSi Daily News Analysis
March 01, 2024
Banking Sector and regulatory framework: addressing India’s growing demand for secure lockersRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage