Decentro, a banking API Integration platform for businesses, today announced the 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.
“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," said Rohit Taneja, Founder & CEO, Decentro.
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 spending 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 corporations on their platform and nurture long-lasting and trust-led partnerships from the beginning.
