Obopay launches prepaid cards with Mastercard in India
Fintech Obopay has launched a new pre-payment card in India in partnership with Federal Bank and Mastercard.
The card provides multi-wallet facility that allows payments and money allocation through “split transactions”.
Cardholders will be able to use the Obopay card as a prepaid card. It will also provide additional features such as card to card money transfer, online payments, and ATM cash withdrawal.
Nilufer Mullanfiroze, senior vice-president, Federal Bank, says: “The card will act as a solution to tackle issues in existing card payment systems in India and can serve multiple purposes such as food coupons, online purchases, fuel purchase, payments to cab aggregators, pharmacies, hospitals and online purchases.”
The card can be used by various businesses, including corporates and retailers. The account can be operated with zero balance and the users will not be charged on usage.
“Enterprises often have to deal with legacy systems for disbursements and payments to employees and partners. Existing solutions are restrictive in terms of their usage and there are gaps existing in these systems,” says Shailendra Naidu, CEO, Obopay.
