Indian private sector lender Yes Bank has introduced a co-branded prepaid card for cashless payments in collaboration with Neokred Technologies.
The new YES BANK Neokred Card can be used for making purchases, online shopping, utility bill payments, ticket bookings and cash withdrawal at ATMs.
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Users can also earn cashback on spends, rewards, as well as Buy 1 Get 1 offers. They can also avail dining experience offers and Airport lounge access with the card.
At the same time, the users of the card can get instant discount offers on more than 25000 pan-India merchants.
Neokred founder and chief business officer said: “We are projecting to reach INR 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.”
The offerings of the new co-branded card can be tailored to meet the needs of corporates looking to provide salary cards or expense cards for their employees.
The card supports easy enrolment without opening a bank account and provides users an overview of expenditures with real time visibility, noted the bank.
Neokred’s corporate partners across different sectors such as healthcare, financial institutions, NBFCs, oil companies, educational institutions, FMCG and infrastructure can avail the new offering.
Yes Bank COO Anita Pai said: “We are pleased to partner with Neokred to provide a unique tech-enabled platform for partners to launch their customised product offerings quickly.
“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.”
Earlier this year, Yes Bank tapped Chalo to launch a contactless travel card, and Affordplan to roll out a co-branded healthcare card.
