[India], Dec 14 (NewsVoir): 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.
"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," said CEO OBOPAY, Shailendra Naidu.
"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," said Vikas Varma, Senior Vice President, South Asia, Mastercard.
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. (NewsVoir)