Yes Bank launches co-brand prepaid card with Neokred for cashless payment

NEW DELHI: Yes Bank Tuesday, it said it has launched a co-branded prepaid card in partnership with Neokred Technologies to facilitate cashless payments.

The card offers can be adapted to suit the requirements of companies applying for payroll or expense cards for their employees.

Yes Bank in partnership with Neokred Technologies has launched the ‘Yes Bank Neokred Card’, a co-branded prepaid card that encourages cashless payment, the lender said in a release.

The prepaid card will be offered to Neokred’s business partners across various sectors, including healthcare, financial institutions, NBFCs, oil companies, educational institutions, FMCG and infrastructure.

The prepaid card can be loaded with balance and used for expenses such as purchases, payment for bills, online shopping, ticket ordering and cash payment at ATMs along with various benefits.

“The bank’s technology and innovation functions are a key differentiator, and we have played a significant role in creating a friendly ecosystem for collaboration with fintechs and other players,” Yes Bank Chief Operating Officer Anita Pai said.

“We remain focused on further strengthening our digital banking leadership through collaboration and exceeding our customers’ expectations,” Pai added.

The card provides easy registration without opening a bank account, faster transaction processing, the possibility of, among other things, an overview of expenses with real-time visibility, reward points and promotional programs.

“Yes Bank has been instrumental in the growth of various fintechs over the years – giving a strong reason why fintechs and companies prefer them over other banks,” said Neokred Technologies founder and Chief Business Officer Rohith Reji.

“We plan to reach Rs 300 crore of AUM to be managed via our platform and there has been a lot of noise from companies, startups and fintechs expressing their desire to launch their own branded products with the lowest possible TATS and compliance,” I have added.