Instant payments ecosystem and embedded finance provider Zum Rails has unveiled a new suite of Mastercard-powered prepaid card programs in Canada to enable businesses to provide “smarter, faster” payments.
The re-loadable cards will allow businesses to offer expense management, faster wage access, consumer rewards, and real-time disbursements and spending flexibility, according to Zum Rails.
Businesses can brand the prepaid cards and reload them instantly via Zum Rails’ existing payment infrastructure.
By loading funds onto prepaid cards, companies can not only provide quicker access to earned wages, they can also pay contractors instantly.
Businesses can also launch prepaid cards with benefits or services, such as credit building, to reach underserved customers.
Zum Rails will fully manage each program, from onboarding and compliance, through to transaction processing and customer support.
“At Zum Rails, we believe money should move at the speed of business, and we’re making it easier for businesses to embed smarter, faster payments into their operations,” said Miles Schwartz, co-founder and chief executive officer of Zum Rails.
“With our Mastercard powered prepaid card programs, companies could now offer branded, reloadable prepaid cards that move money in near real time without the complexity of traditional infrastructure.”
The collaboration is supported by Mastercard’s global network, which connects consumers, businesses, and banks via secure payments in more than 200 countries.
“Mastercard is proud to support Zum Rails in delivering modern, embedded payment solutions that meet the evolving needs of Canadian businesses,” added Balinder Ahluwalia, senior vice president and group head, market development and digital partnerships at Mastercard, Canada.
“Together with Zum Rails, we’re helping companies unlock new ways to move money and serve their customers.”
Further reading: Zum Rails closes Series A funding round
