Stripe introduces global card support and card self-issuing
US-based payments technology company, Stripe has introduced a global card network and a new API which allows US businesses to self-issue cards. The company now provides support for card transactions through direct integration from global card networks such as Visa, Mastercard, American Express, Discover, JB and China Union Pay.
“Stripe Issuing is a big step forward”, said Alex Rampell, General Partner at Andreessen Horowitz, which is a major investor in Stripe. “Not just for the millions of businesses running on Stripe, but for credit cards as a fundamental technology. Businesses can now use an API to create and issue cards exactly when and where they need them, and they can do it in a few clicks, not a few months. As investors, we’re excited by all the potential new companies and business models that will emerge as a result.”
Using Stripe issuing, any company can get started immediately and the time required to create a card has reduced from two months to two minutes for virtual cards and two days for physical cards. Stripe’s platform now handles more than 250 million API requests a day, the company said in a press release.
Stripe recently raised $600 million in a funding round from its venture capital investors including Andreessen Horowitz, General Catalyst, GV, and Sequoia.