May 17, 2022
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KYC Compliance Question

jmlo
New Contributor

If we are planning to issue single-use, non-reloadable cards of less than $1000 in value to our platform users (similar to a visa gift card), do we need to collect KYC info? Thank you!

1 ACCEPTED SOLUTION

bmo
Marqeta Staff
Marqeta Staff

All programs have to go through an approval process with our bank and regulatory partners, so you should reach out to your Marqeta sales or customer success contact for more information on the requirements for your card program.

The amount that's spent/loaded to a card is one of several factors in determining whether KYC will be needed. Generally speaking, we do have gift card programs that don't require KYC, so there should be a way to achieve the customer experience you want.

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2 REPLIES 2

bmo
Marqeta Staff
Marqeta Staff

All programs have to go through an approval process with our bank and regulatory partners, so you should reach out to your Marqeta sales or customer success contact for more information on the requirements for your card program.

The amount that's spent/loaded to a card is one of several factors in determining whether KYC will be needed. Generally speaking, we do have gift card programs that don't require KYC, so there should be a way to achieve the customer experience you want.

jmlo
New Contributor

Thank you!