The newly announced partnership enables CardCash to offer Onbe’s instant virtual cards to consumers that exchange their unused gift cards, which 51% of U.S. adults have in their wallets.
Onbe, a leading corporate payouts platform, today announces its partnership with CardCash, an online secondary gift card market for unused gift cards, to enable instant payouts on virtual Mastercard® cards, making it even easier for consumers to turn their unwanted gift cards into a flexible payment method. Following a successful pilot program over the summer of 2023, Onbe and CardCash’s solution will launch just in time for the holiday season, allowing CardCash customers to immediately spend their funds with the 37 million merchants that accept Mastercard®, globally.
More than half of American adults have unused gift cards, totaling an estimated value of $15.3 billion. CardCash, which maintains the world’s largest inventory of discounted gift cards, enables consumers to sell their unused gift cards or trade them for gift cards from their favorite businesses. Previously, consumers opting to sell could choose to be paid by check, ACH—which could take up to two days to fulfill—or PayPal. The addition of Onbe’s virtual Mastercard® cards provides an instant, widely accepted payment method.
“During our pilot program, Onbe’s virtual card offering grew faster than any of our other noncash payment options and is set to surpass our leading noncash option, Amazon gift cards, by the end of 2023,” said Tom Ochoa, Head of Sales at CardCash. “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.”
“Onbe is proud to work with CardCash to deliver additional payout choices, alongside CardCash’s already diverse gift card exchange, with an on-demand payment solution,” said Melissa Hentschel, Chief Client Officer at Onbe. “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.”
As gift card sales and usage grow annually, empowering resellers with flexible, secure, and fast payout options is crucial for the secondary gift card market. CardCash and Onbe will continue to provide up-to-date, convenient payment options, catering to ever-evolving consumer preferences. This collaboration will help the 51% of U.S. adults with unused gift cards unlock the value of funds that might otherwise remain unused and forgotten.
Learn more about Onbe’s solutions here.
About CardCash Exchange, LLC.
CardCash has the world's largest inventory of discounted gift cards. and since its inception, has processed over a billion dollars in gift cards. Today, we continue our tradition of keeping an open dialog with consumers, constantly evolving new, innovative ways to get the best price. We have a strong mission of never letting anyone pay the full amount for anything by turning the world's over $140 billion of unused gift cards into major discounts.
CardCash’s continued ecommerce success earned recognition in Inc 5000's Nation’s Fastest-Growing Companies list for the sixth straight year in 2017, among a mere four-percent of all the companies that qualified. CardCash was also named one of Forbes' Most Promising Companies and has been featured in publications such as CNN, Bloomberg and the New York Times.
For additional information, please visit: https://www.cardcash.com
About Onbe
With more than 25 years of industry experience and offices in Chicago, Philadelphia and London, Onbe is a fintech that manages and modernizes customer and workforce disbursements for corporate clients ranging from mid-market to the Fortune 500. Onbe’s team of experts and technology platform offers clients a turnkey solution to offload their entire B2C payment operations, relieving them of the cost, complexity and risk that come with orchestrating these payments in-house. Backed by top-tier investors, Onbe delivers on today’s consumer expectations for instant, digital and seamless payments. To learn more, visit www.onbe.com and follow us on LinkedIn.
View source version on businesswire.com: https://www.businesswire.com/news/home/20231220212709/en/
Contacts
Joseph Netto, Sr. Director of Communications
Joseph.netto@onbe.com
