Coinstar Chooses Lithic to Power New Debit Card and Wallet

Lithic, the card issuing and processing platform that powers the next generation of financial experiences, announced that it was selected by Coinstar to power the new CINQ by Coinstar Debit Card. The announcement, published on December 3, noted that this is to be a general-purpose reloadable product.

Coinstar provides self-service solutions for converting physical currency, and the launch of the CINQ by Coinstar Debit Card will support he fintech firm’s digital transformation.

The card will be issued by Lead Bank, and it will integrate with the CINQ by Coinstar digital wallet. This will allow it to convert physical currency into funds that users can access via either virtual or physical cards.

The new debit card was designed for those who prefer to use cash to manage their money, and it lets users convert any loose change they might end up having into digital funds, with the conversion being done in minutes, and making the funds available for use.

What Can Lithic Offer As Part of The Partnership?

With more than 10,000 Coinstar kiosks available across the US, Lithic will also be able to let Coinstar recognize kiosk-loaded funds, almost in real-time. That way, consumers can use anything they insert with their virtual card credentials.

Lithic can also provide ledgering, card issuing, transaction processing, managed disputes, and chargeback services. On top of that, it offers physical card printing and fulfillment, as well as advanced fraud prevention using real-time authorization decisioning. Finally, the partnership also includes ACH payment management, fees and transfers, settlement reconciliation, reporting, and specialized data mapping, which will support Coinstar’s program management requirements, according to the announcement.

Commenting on the partnership, Coinstar’s chief commercial officer, Brandon Thompson, said: “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,”

Meanwhile, Lithic’s CEO, Bo Jiang, commented that the partnership reflects the firm’s 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,” Jiang added.