Bengaluru, September 20, 2022: Cashfree Payments, a leading payments and API banking
solutions company, today announced the launch of an industry report titled ‘IaaS: New-Age
Payments Solutions through Card Issuing-as-a-Service’.

The report explores the IaaS landscape in India. Commencing with the technology underlying
IaaS, the paper dives into the different forms of card APIs and the functions they enable – like
creating, loading or blocking a card. It introduces various players involved in card issuance and
the role of an IaaS platform in easing various integrations for businesses. The report also
outlines the benefits of IaaS for specific industries including such as e-commerce players,
marketplaces, fintech companies, large corporates, the logistics industry, or the gig economy.

According to the report, IaaS is witnessing a demand across industries with new use cases
emerging rapidly to fulfill the underserved needs of various customer segments. For fintechs,
IaaS for cards provides a plug-n-play, flexible model for easier experimentation. With digital
payments becoming a compulsion, varied existing banks have begun leveraging IaaS
infrastructure to enable seamless card issuance for their customers in much lower time, as
against building the entire infrastructure in-house. IaaS also finds use-cases for E-commerce
and marketplace companies in the form of Credit and prepaid cards. Large corporates and
Enterprises are starting to adopt card issuance to mitigate the challenges of complex manual
processes for expense management, sales incentive payouts, contract worker payroll among
other use cases.

Also, a large number of individuals in semi-urban and rural areas have deposits in co-operative
societies, where the access to online banking, debit cards, etc. is limited. In such scenarios,
fintech companies facilitate prepaid and debit card issuance for co-operative societies and
banks to enable online and POS card transactions for customers of co-operative societies,
thereby driving financial inclusion. Another key emerging use case for credit card issuance for
fintechs in collaboration with banking partners, is in facilitating working capital credit for MSMEs.

Akash Sinha, CEO and Co-Founder, Cashfree Payments said,“We are very excited to launch
our whitepaper on IaaS, which forms the next step in the evolution of the BaaS model. It will
allow modern businesses to adopt innovative, personalised and customer-friendly solutions for
their card issuance needs. This whitepaper report delves deep into multiple aspects including
the underlying technology, benefits and regulatory environment. We believe regulation has a key
role to play in the card issuance space and its financial inclusion imperative and look forward to
further supportive steps from the regulator. ”

With over 50% market share among payment processors, Cashfree Payments today leads the
way in bulk disbursals in India with its product Payouts. Recently, India’s largest lender, SBI
invested in Cashfree Payments, further underscoring the company’s role in building a robust
payments ecosystem. Cashfree Payments works closely with all leading banks to build their
core payments and banking infrastructure that helps power the company’s products, and is also
integrated with major platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm and Google

Pay. Apart from India, Cashfree Payments products are being used in eight other countries
including the USA, Canada and UAE.

About Cashfree Payments
Cashfree Payments is a leading payment and API banking solutions company. It provides
full-stack payments solutions enabling businesses in India to collect payments and make
payouts via all available methods with simple integration. Cashfree Payments’ offerings include
an advanced and easy way to integrate payment gateways, a split payment solution for
marketplaces, bank account verification API and Auto Collect — a virtual account solution to
match inbound payments to customers. Founded by IIIT Hyderabad alumnus Akash Sinha and
IIT Kharagpur graduate Reeju Datta, http://www.cashfree.com is among the leading payment service
providers in India processing transactions worth USD 40 Billion annually. It has leveraged
technology to lead payment disbursals in India with more than 50% market share among
payment processors. Cashfree Payments enables more than 1,50,000 businesses with payment
collections, vendor payouts, wage payouts, bulk refunds, expense reimbursements, loyalty and
rewards. Apart from India, Cashfree Payments products are used in eight other countries
including the USA, Canada and UAE. Cashfree Payments is backed by Silicon Valley investor Y
Combinator, Apis Partners, State Bank of India (SBI) and was incubated by PayPal.

Media contacts:
Swagata Gupta | swagata.gupta@cashfree.com | 9820088951
Smita Sengupta | smita.sengupta@cashfree.com | 9769550799
Niharika Saluja | niharika.saluja@adfactorspr.com | 8097341147