Coinstar provides self-service solutions for converting physical currency, and the launch of the CINQ by Coinstar Debit Card will support the fintech company’s digital transformation.
Editorial
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Card issuing and processing platform Lithic has been selected by Coinstar to power a new general purpose reloadable (GPR) product, the CINQ by Coinstar Debit Card.
Issued by Lead Bank, the card will integrate with the CINQ by Coinstar digital wallet, it will be able to convert physical currency into funds that can be accessed through both virtual and physical cards.
The new debit card is designed for consumers that prefer using cash to manage their money and allows users to convert loose change and cash into digital funds that can be available in minutes.
With over 10,000 Coinstar kiosks across the US, Lithic will also enable Coinstar to recognise kiosk-loaded funds in near real time so that consumers can use what they insert with their virtual card credentials.
As an issuer processor, Lithic supports account creation, balance management, card issuing and transaction processing. After completing KYC, a virtual card is made available with funds, permiting direct deposit and ATM access.
The partnership also includes ACH payment management, fees and transfers, settlement reconciliation, reporting, and specialised data mapping.
Bo Jiang, CEO of Lithic, says: “This partnership reflects our commitment to supporting financial products that make a meaningful difference for consumers. Coinstar’s vision to bridge physical and digital currency aligns with our mission to provide the infrastructure that helps ambitious teams build better payments products. Together, we are reducing friction for cash-preferring consumers and expanding access to digital financial services.”
Brandon Thompson, chief commercial officer, Coinstar, adds: “Our partnership with Lithic reflects our commitment to building a financial inclusion platform that gives consumers more flexible ways to manage their money. Lithic’s technical expertise and collaborative approach have been essential in bringing the CINQ by Coinstar™ Debit Card to market and enabling future capabilities like early direct deposit and ACH bill pay. Together, we are expanding access to digital financial services for the consumers who rely on us most.”
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