Payment processor Stripe’s latest platform puts it head to head with Marqeta, a major player in the card-issuing market.

Yesterday, Stripe unveiled an end-to-end platform that lets businesses create, distribute and manage both physical and virtual cards. The product is called Stripe Issuing and is being rolled out through an “invitation-only” format right now.

This move puts Stripe in direct competition with Oakland, Calif.-based Marqeta, whose core business is providing businesses with underlying technology for issuing virtual and physical credit and debit cards. Visa, which is an investor in both Marqeta and Stripe, will be Stripe’s card network, along with Mastercard.

Stripe Issuing is built on the core Stripe platform. It allows business customers to create their own cards for things like employee expense cards, merchant specific-cards, and debit cards for neobanks, etc. Customers will be able to manage their cards using APIs. These API tools will allow them to customize card functionality, set authorization controls and spend rules, among other things.

Virtual cards can be used with digital wallets like Apple Pay and Google Pay.

Lachy Groom, head of Stripe Issuing, said in a statement yesterday:

Stripe Issuing fills an equally deep and broad hole in the internet’s economic infrastructure as Stripe’s original payments products did. Stripe Issuing provides businesses a complementary set of tools for managing, controlling, spending and moving money. As we work to increase the GDP of the internet, we don’t just want to port offline commerce online; we want to enable brand new types of businesses that couldn’t exist without the internet, including new ways to store and use money in the physical world.

Bank Innovation has reached out to Stripe and is awaiting a response.