Called OBOPAY Card, the new electronic format payment instrument can be swiped at over three million Mastercard outlets in India
Will offer multi-wallet facility facilitating dedicated payments and allocation of money for varied user needs like withdrawals, shopping, groceries and food
In an effort to empower enterprises with a comprehensive disbursement and payments solution, OBOPAY, the global financial technology company, today announced the launch of a new generation pre-payment instrument in partnership with Federal Bank and Mastercard.
Enterprises often have to deal with legacy systems for disbursements and payments to employees and ecosystem partners. At the same time, users have to use different modes for different payments like, bank accounts for using salary, digital wallets for payments, food coupons, insurance cards for insurance claim, etc. All these existing solutions are restrictive in terms of their usage and there are gaps existing in these systems. The OBOPAY card is built as a one-stop solution that addresses all needs of the enterprise and users seamlessly and can be used at over three million Mastercard outlets in India.
The highlights of the card include unique innovations such as the multi-wallet facility that allows dedicated payments and allocation of money for various purposes, the ‘Split transaction’ feature which provides payment flexibility to users and multiple payment scenarios among many others. While Cardholders will be able to use the OBOPAY card as a prepaid card, the card will also provide them with a host of additional features such as card to card money transfer, making online payments, withdrawing cash at ATMs among many others. The card can be availed by all the business entities including corporate, distributor - retailer ecosystem, colleges, factories etc. The account can be operated with zero minimum balance and the users will not be levied any service charge on usage.
Commenting on the card launch, Shailendra Naidu, CEO, OBOPAY, said, “Launch of OBOPAY card is another significant landmark in our journey as it reinstates our position as a global mobile payment solutions company. We are delighted to join hands with Mastercard and Federal Bank for promoting digitization and creating a robust digital payments solution which will provide end users with the highest level of convenience. OBOPAY will play a vital role in facilitating the program management and customer life cycle management for the end-users. The Card is a customer-centric innovation from OBOPAY and we are keen that it helps us do our bit for the cause of Financial Inclusion.”
Vikas Varma, Senior Vice President, South Asia, Mastercard, said, “Mastercard is excited to partner with OBOPAY and Federal Bank to provide a convenient and safe payment method to the Indian consumers. OBOPAY card will encourage the use of digital payments for several needs, where the consumers often use cash. This initiative also highlights Mastercard’s continuous commitment to bring digitally empowered financial inclusion to life, especially in tier 2 & 3 cities in India."
Nilufer Mullanfiroze, Senior Vice President, Federal Bank, said, “We are pleased to partner with OBOPAY and Mastercard for promoting payments through prepaid cards. The card will act as a holistic solution to tackle issues in existing card payment systems in India. The prepaid card can serve multiple purposes such as food coupons, online purchases, fuel purchase, payments to cab aggregators, pharmacies, hospitals, online purchases etc. As a digital payment option, it is a firm step towards less-cash society.”
The OBOPAY card is a holistic payment ecosystem in itself as it caters to the needs of users, corporates and merchants and addresses multiple payment gaps that exist for corporates, distribution companies, EPC players, Pharma industry etc., which do not have a complete solution for all types of disbursements and payments to their employees, daily wage earners, distributors, retailers, doctors, etc. OBOPAY card is an answer to all the aforesaid concerns. The card has multi-wallets facility with each wallet having the potential to handle a distinct and specific role/usage as required. Users can use this card for multiple payments such as, bank accounts for using salary, digital wallets for payments, food coupons for food coupons, insurance cards for insurance claim, etc.
Headquartered in Bangalore, OBOPAY is a global financial technology company providing enterprise solutions for Telecom companies, BFSIs and companies with a dominant supply chain focus. With a successful run in global markets, OBOPAY is focusing on India as a key market for its next phase of growth. Key offerings will include wallet services and payment solutions for supply chains.
The company offers enterprises an integrated processing platform that is capable of linking multiple participants into a transaction network. OBOPAY is digitising the whole payment structures and providing technology overview as a solution to enterprises.
The key current clientele of the company is spread across 11 plus countries and 3 continents - Asia, Africa, North America - and includes brands like Airtel, Telecel, Azam Group etc. The key driver at OBOPAY is the vision to excel in service and products and commitment to help more and more clients, customers and partners to gain from us.
In the year 2010, OBOPAY was named as one of the 50 most innovative companies in the world by MIT Technology under TR50 awards platform. Under World Economic Forum, the company was the only financial services provider in the world to be named Technology Pioneer 2010. OBOPAY was also selected as a 2010 AlwaysOn Global 250 top private companies AO250 Global Summit at Stanford. In 2011, OBOPAY won the Best Multi-channel capability Project Award Winner under The Asian Banker forum. OBOPAY also won the Mobile trax award for mobile banking and payments in 2013.
Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. Our global payments processing network connects consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities - such as shopping, traveling, running a business and managing finances - easier, more secure and more efficient for everyone. Follow us on Twitter @mastercardindia, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.
About Federal Bank
Federal Bank is a leading Private Sector Bank with a branch network of 1,252 branches and 1,683 ATMs spread across the country. The Bank’s total business mix (deposits + advances) stood at Rs. 2.03 Lakh Crore as at March 31, 2018 and it has earned a net profit of Rs. 878.85 Crore for FY18. The Capital Adequacy Ratio (CRAR) of the Bank, computed as per Basel III guidelines, stood at 14.70%. Federal Bank has its Representative Offices at Dubai and Abu Dhabi that serve as a nerve centre for NRI customers in the UAE. The Bank also has an IFSC Banking Unit (IBU) in Gujarat International Finance Tec-City (GIFT City). Federal Bank is transforming itself, keeping its principles intact, into an organization that offers services beyond par. It has a well-defined vision for the future as a guidepost to its progress.
Disclaimer: This article has not been edited by Deccan Chronicle and is taken from a syndicated feed. Photos: NewsVoir....