Lithic, the card issuing and processing platform powering next-generation financial experiences, today announced it has been selected by Coinstar, LLC to power the new CINQ by Coinstar Debit Card, a general purpose reloadable (GPR) product. The card integrates with the CINQ by Coinstar digital wallet and converts physical currency into funds that can be accessed through both virtual and physical cards. The CINQ by Coinstar Debit Card is issued by Lead Bank.
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“Lithic’s technical expertise and collaborative approach have been essential in bringing the CINQ by Coinstar Debit Card to market and enabling future capabilities like early direct deposit and ACH bill pay.”
The CINQ by Coinstar Debit Card is designed for cash-preferred consumers who want flexible ways to manage their money. Through more than 10,000 participating Coinstar kiosks across the United States, users can convert loose change and cash into digital funds that are available within minutes. Lithic enables Coinstar to recognize kiosk-loaded funds in near real time, allowing users to spend with virtual card credentials shortly after funds are inserted.
As the full stack issuer processor, Lithic supports account creation, balance management, card issuing and transaction processing. Users can create account credentials, complete KYC, and receive a virtual card loaded with their funds in near real time. The platform supports full GPR capabilities including direct deposit, ATM access, and everyday purchases.
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“This partnership reflects our commitment to supporting financial products that make a meaningful difference for consumers,” said Bo Jiang, CEO of Lithic. “Coinstar’s vision to bridge physical and digital currency aligns with our mission to provide the infrastructure that helps ambitious teams build better payments products. Together, we are reducing friction for cash-preferring consumers and expanding access to digital financial services.”
Lithic provides ledgering, card issuing, transaction processing, managed disputes and chargeback services, physical card printing and fulfillment, and advanced fraud prevention through real-time authorization decisioning. The partnership also includes ACH payment management, fees and transfers, settlement reconciliation, reporting, and specialized data mapping to support Coinstar’s program management requirements.
“Our partnership with Lithic reflects our commitment to building a financial inclusion platform that gives consumers more flexible ways to manage their money. Lithic’s technical expertise and collaborative approach have been essential in bringing the CINQ by Coinstar™ Debit Card to market and enabling future capabilities like early direct deposit and ACH bill pay. Together, we are expanding access to digital financial services for the consumers who rely on us most,” said Brandon Thompson, chief commercial officer at Coinstar.
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The CINQ by Coinstar Debit Card expands Coinstar’s digital transformation by bringing more on-kiosk functionality into the digital world. The card is available now in the United States through Coinstar’s kiosk network and the CINQ by Coinstar™ digital wallet.
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Source : businesswire