Checkbook has joined Visa‘s FinTech Fast Track program and launched Virtual Cards, a program that will expand the reach of real-time payments, according to a press release.
Fast Track provides startups, like California-based online payments processor Checkbook, a way to access Visa’s growing network with experts who can provide guidance in helping them operate efficiently.
“To think that this was just an idea until six months back, and we are now ready to go to market with a transformative product,” said PJ Gupta, founder and CEO of Checkbook, in the release.
Virtual Cards were created by Checkbook to reduce the fear of losing a wallet or being a target of credit fraud, according to the release. The card features a one-time use 16-digit number with a pre-determined spending limit that is emailed to the recipient. The recipient can store the information and use it when needed.
Another benefit is senders can earn cash back in addition to their savings if they go digital, the company said in the release.
“It is exciting that with new technology you can not only pay anyone in real time, but they can also simply store the funds on their phones,” Luke Nield, IT director of Schomp Automotive Group, one of the early adopters of Checkbook’s Virtual Card, said in the release.
In May, PYMNTS reported the essence of Visa’s Fast Track is to make it easier for FinTechs to launch with Visa credentials and provide access to a variety of payments players. The program launched in 2018 had grown 280 percent at the time, including more than 140 FinTechs around the world.
“There has been and will be the priority to move money quickly, something that we think is absolutely critical to rebuilding the global economy,” Terry Angelos, Visa’s senior vice president and global head of FinTech, told PYMNTS at the time.
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