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Onbe and CardCash Partner to Offer Instant Virtual Cards

gift cards

Onbe and CardCash partnered to enable consumers to exchange their unwanted gift cards for instant virtual cards.

With instant payouts on virtual Mastercard cards, consumers can immediately spend their money with any merchant that accepts Mastercard, the companies said in a Wednesday (Dec. 20) press release.

During a pilot program over the summer, the virtual card offering grew faster than any of CardCash’s other noncash payment options, Tom Ochoa, head of sales at CardCash, said in the release.

“Not only do our customers love the fast, secure payment option, it furthers CardCash’s mission to make it easy for people to exchange their unused gift cards and get what they really want,” Ochoa said.

CardCash’s online secondary gift card market for unused gift cards provides a solution for the $15.3 billion worth of unused gift cards held by 51% of American adults, according to the release. It enables consumers to sell the cards or trade them for gift cards from other businesses.

With the addition of virtual Mastercard cards from Onbe, a corporate payouts platform, CardCash can provide these consumers with this instant payment method alongside the other payout choices it offers to those who opt to sell their gift cards, including check, ACH and PayPal, the release said.

The two companies will continue to work together to provide payment options that cater to the evolving preferences of consumers, per the release.

“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,” Onbe Chief Client Officer Melissa Hentschel said in the release.

PYMNTS Intelligence found that a majority of chief financial officers across industries are prioritizing digital disbursements.

Seventy-one percent of CFOs said they have accelerated payments digitization since 2020, according to “The Key to Satisfied Car Buyers is Digital Disbursements,” a PYMNTS and Onbe collaboration.

The report found that payments digitization provides consumers with convenience, speed and the ability to be paid in the manner they choose. It also enables businesses to increase efficiency and reduce costs.