Equitas Small Finance Bank has launched a co-branded prepaid card program in partnership with Neokred Technologies to facilitate PPI programs for the bank and partners in India.
The card offerings can be personalized to suit the requirements of corporates seeking to launch their curated version of PPI instruments.
Equitas Small Finance Bank, in partnership with Neokred Technologies, has launched ”Equitas Small Finance Bank Neokred Card”, a co-branded program initiative for PPI programs, the lender said in a release.
The prepaid card will be offered to the bank’s and Neokred corporate partners across various sectors, including healthcare, financial institutions, educational institutions, FMCG, and infrastructure.
The prepaid card can be loaded with balance and used for spending such as purchases, payment for utility bills, online shopping, gifting, ticket bookings, and cash withdrawal at ATMs, along with various benefits.
The card offers easy enrolment without opening a bank account, faster transaction processing, and a facility to overview expenditures with real-time visibility, rewards points, and promotional programs, among others.
Murali Vaidyanathan, Senior President, and Country Head, Equitas Small Finance Bank, said, “We are super excited about such Fintech partnerships as it widens the overall experience of the customers and facilitates easy banking. We, at Equitas, along with NeoKred, believe in enhancing the customers’ comfort and empowering them in their growth journey. Through this partnership, we intend to empower the customers for personal spending. This will also help corporates with their gifting requirements, rewards and recognitions programs, incentive distribution across a scale, and other business-specific requirements such as payroll management, agent network, micro-loan disbursement, etc., through reloadable cards. This partnership will provide our customers an easy and secure way to spend money and a quick way to load and reload the cards.”
“This is a fascinating partnership forged between Equitas and Neokred in our vision to democratize the open banking landscape in India. Neokred has always been at the forefront of many revolutionary innovations. This historic partnership enhances the ease of empowering brands, corporates, fintech, aggregators, and TSP’s in launching their customized style of PPI programs,” Neokred Technologies founder and Chief Business Officer Rohith Reji said.