To facilitate cashless payments private lender Yes Bank on Tuesday launched a co-branded prepaid card in partnership with Neokred Technologies.
The card offerings can be personalised to suit the requirements of corporates seeking salary cards or expense cards for their employees. The card will be offered to Neokred’s corporate partners across various sectors, including healthcare, financial institutions, NBFCs.
The prepaid card can be loaded with balance and used for spends such as purchases, payment for utility bills, online shopping, ticket bookings and cash withdrawal at ATMs alongwith various benefits.
“The bank’s technology and innovation capabilities are a key differentiator and we have played a distinctive role in the emergence of creating a friendly ecosystem for collaboration with fintechs and other players,” Yes Bank Chief Operating Officer Anita Pai said.
The card offers easy enrolment without opening a bank account, faster transaction processing, facility to overview expenditures with real time visibility, rewards points and promotional programmes, among others, the release said
“Yes Bank has been instrumental in the growth of various fintechs over the years – giving a strong reason why fintechs and corporates prefer them over other banks,” Neokred Technologies founder and Chief Business Officer Rohith Reji said.
“We are projecting to reach Rs 300 crore of AUM to be managed via our platform and there has been a lot of noise from the corporates, startups and fintechs expressing their desire to launch their own branded products with the lowest possible TATS and compliance,” he added.