Paysign Inc (NASDAQ: PAYS) is a prepaid card and payment solutions company that operates across plasma donor compensation, patient affordability programs, and general-purpose prepaid card markets. Revenue comes from interchange fees on card transactions, program management fees, and technology platform fees charged to plasma collection centers and pharmaceutical manufacturers. Paysign services approximately 48% of plasma collection centers in the United States and Puerto Rico as of the 10-K filed March 25, 2026. The company also offers Apherion, a cloud-based platform purpose-built for blood and plasma collection organizations, and patient affordability products including pharmacy-based voucher programs for pharmaceutical brands. In March 2025, Paysign acquired Gamma Innovation LLC, adding intangible technology assets to its life science segment. The company markets its solutions through a direct sales team and industry conference attendance, targeting pharmaceutical manufacturers, plasma collection operators, employers, and consumers.

Revenue model

Transactional and fee-based. Paysign earns interchange fees on prepaid card purchases, program management and platform fees from plasma collection centers and pharmaceutical manufacturers, and fees tied to patient affordability program processing. Interchange revenue is sensitive to card network rate changes set by Visa, Mastercard, Discover, and other networks.

Products and services

Paysign Plasma Donor Compensation Prepaid Card; Paysign Partner Portal for plasma center administrators; point-of-sale cash-back rewards program; pharmacy prescription discount card; digital banking account; Apherion cloud-based donor management and compensation platform; pharmacy-based voucher and patient affordability programs for pharmaceutical brands and biosimilars; payroll and general-purpose reloadable prepaid cards; non-reloadable gift and incentive cards; Paysign Premier consumer prepaid card.

Customers and end markets

Plasma collection centers (approximately 48% of U.S. and Puerto Rico centers served as of filing date March 25, 2026); pharmaceutical manufacturers deploying patient affordability and copay assistance programs; employers issuing payroll cards; unbanked and underbanked consumers. End markets include blood and plasma collection, specialty and retail pharmacy, and employer payroll disbursement.

Value-chain role

Program manager and technology platform provider sitting between card-issuing banks (subject to Visa, Mastercard, Discover, and other network rules) and end-user organizations such as plasma centers and pharmaceutical brands. Paysign handles card issuance infrastructure, data analytics, donor or patient engagement, and reporting, while partner banks hold the underlying deposit accounts.

Geographic exposure

United States and Puerto Rico, based on plasma center market coverage disclosed in the 10-K filed March 25, 2026. No other geographic markets cited in the filing excerpts.

Source: SEC 10-K, filed 2026-03-25

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