The program provides a full-fledged API layer to enable any company or platform to launch a co-branded prepaid card program.
Yes Bank is the Issuing bank for this program
Decentro has already finalized few partners which can use this platform
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 to launch co-branded prepaid cards. The card, which will use Decentro’s and Yes Bank’s API integration 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 are committed to provide world-class product experience to our customers and enable a transformative fintech journey that they can offer to their customers. We are happy to
join hands with like-minded partners like Yes Bank to enable this journey of creating
value for corporates and the larger ecosystem in India. Any business can now launch a
co-branded prepaid card and give their customers a chance to spend easily with various
merchants in the offline and online world.”
These cards will help merchants to streamline their customer’s expenses, track their
spending 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 nurture
open banking, strengthen the payments ecosystem and create commercial models that
will provide value for our clients. The partnership will enable faster go-to-market for
businesses to launch prepaid payment instruments, thereby delivering the convenience
of digital-first solutions to more consumers. We are intensifying our efforts to deliver a
range 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 lets
small businesses collect online payments from other businesses. Using a partner NBFC
that 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.
Few of the key use cases that businesses and platforms can look at with this:
- Neo-Banks & Personal Finance 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.
- 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.
- Corporates & Marketplaces
Corporates can now eliminate the endless cycle of reimbursements. These cards can amp up employee incentives and boost employee morale further.
- 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.