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In an effort to provide enterprises with a disbursement and payments solution, financial technology company Obopay has launched a new generation pre-payment instrument in partnership with Federal Bank and Mastercard.
The card provides multi-wallet facility that allows dedicated payments and allocation of money for various purposes. The ‘Split transaction’ feature provides payment flexibility to users and multiple payment scenarios among others. While cardholders will be able to use the OBOPAY card as a prepaid card, the card will also provide additional features such as card to card money transfer, making online payments, withdrawing cash at ATMs among others.
The card can be availed by all the business entities including corporate, distributor – retailer ecosystem, colleges and factories. The account can be operated with zero balance and the users will not be levied any service charge on usage.
Nilufer Mullanfiroze, Senior Vice President, Federal Bank, said, “The card will act as a solution to tackle issues in existing card payment systems in India and can serve multiple purposes such as food coupons, online purchases, fuel purchase, payments to cab aggregators, pharmacies, hospitals and online purchases.
“Enterprises often have to deal with legacy systems for disbursements and payments to employees and partners. Existing solutions are restrictive in terms of their usage and there are gaps existing in these systems,” said Shailendra Naidu, CEO, Obopay.
The card can be used at around three million Mastercard outlets in India. This initiative also highlights Mastercard’s commitment to bring digitally-powered financial inclusion solutions, especially in tier 2 & 3 cities in India, stated Vikas Varma, Senior Vice President, South Asia, Mastercard.
Digital payments are on the rise in India. As per an August RBI report, customer transactions under RTGS crossed record Rs. 100 lakh crore for first time. The customer transactions under RTGS stood at Rs. 101.13 lakh crore in June 2018, compared to Rs. 93.76 lakh crore in May 2018.
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