Indepay launches prepaid cards and mobile application

Indepay Networks has announced the launch of fast-tracking prepaid cards to provide a near-cash digital alternative in line with the Government’s demonetisation drive. The company is in the final stages of launching prepaid cards in collaboration with multiple banks for secured digital payments.

The Indonesian-based startup, who is the youngest payment network focusing on new adopters of banking, will enable its banking partners to attain 100 million new customers through its prepaid products. The launch of prepaid cards and the mobile application comes as a relief in fraudulent times and is also in alignment with the Government’s vision of a cashless society.
Indepay will launch its prepaid cards in February, this fiscal; focussing on under-banked and unbanked masses. The branchless mode of operation will involve enrollment of un-banked masses with simple Aadhaar card identification.

Commenting on the initiative, Rajib Saha, CEO and President of Indepay said, “The company is working on a pilot basis in several cities across the country and has acquired 10 lakh customers already. Customers will be able to get these cards easily from Indepay’s partner banks or business points. The cards can be recharged and used for all purposes, from making payments to withdrawing cash. Prepaid cards will work collaboratively with banks, card processors and mobile wallets.”

The bank-owned prepaid model of Indepay will reduce the load on bank branch infrastructure, hence facilitating the accelerated adoption of cashless transactions. It will help add many new customers to the branchless banking model in accordance with the RBI guidelines. In India, the company has tied up with State Bank of India as the first banking partner, acquiring more than 1.25 million customers.