Bangalore, India: Decentro,a banking API Integration platform for businesses, today announced launch of its new prepaid program platform in partnership with Yes Bank. The program caters to fintech brands, NBFCs, gig economy players,neo-banks, and any consumer or business facing corporate entity by enabling them tolaunch co-branded prepaid cards. The card, which will use Decentro’s and YesBank’s AP Iintegration layer, is being launched on the RuPay Network.
A business can go live with these programs in a matter of just a few weeks compared to the months-long integration process which is typically the timeline.
On the launch of the program, Rohit Taneja, Founder & CEO, Decentro, said, “We arecommitted to provide world-class product experience to our customers and enable atransformative fintech journey that they can offer to their customers. We are happy tojoin hands with like-minded partners like Yes Bank to enable this journey of creatingvalue for corporates and the larger ecosystem in India. Any business can now launch aco-branded prepaid card and give their customers a chance to spend easily with variousmerchantsin the offline and online world.”
These cards will help merchants to streamline their customer’s expenses, track theirs pending patterns, enable personal finance management solutions, and help them seamlessly manage and reload their cards. It also adds a new revenue stream for the businesses launching the card, in the form of interchange commission whenever anyone makes a transaction with these prepaid cards.
Anita Pai, Chief Operating Officer, YES BANK, said, “We are pleased to partner with Decentro on this unique technology-driven project – in line with our strategy to nurtureopen banking, strengthen the payments ecosystem and create commercial models thatwill provide value for our clients. The partnership will enable faster go-to-market for businesses to launch prepaid payment instruments, thereby delivering the convenienceof digital-first solutions to more consumers. We are intensifying our efforts to deliver arange of solutions that add value to customers and push the boundaries through strategic partnerships across the spectrum.”
The first partner company for this launch is a B2B payments network in India that letssmall businesses collect online payments from other businesses. Using a partner NBFCthat is willing to provide credit to these small merchants, the prepaid card will essentially act as a credit instrument to facilitate, track,and manage the spends seamlessly. Ultimately enabling a fully cashless environment for the thousands of retailers in the fast-growing digital economy.
Fewofthe key use cases that businesses and platforms can look at with this:
1. Neo-Banks & PersonalFinance Managers
Fintech players can get to know their customers financially and trace the ICP -Ideal Customer Persona. They can further customize their prepaid offerings and packages as per customer preference.
2. Fleet Operators & Gig Economy
Gig Economy companies can issue pre-loaded cards to their agents or drivers,create wallets on the go,and automatically manage and track their fleet expenses and payments with ease.
3. Corporates & Market places
Corporates can now eliminate the endless cycle of reimbursements. These cards can ampup employee incentives and boost employee morale further.
4. Platforms & Aggregators
Platforms and aggregators can monetize partners related spends.Businesses can offer prepaid cards to corporates on their platform and nurture long-lasting and trust-led partnerships from the beginning.
