Fri, Jan 20, 2017 | updated 01:17 PM IST

Indepay aims to add 100 million new customers to banking system through its pre-paid cards

Updated: Nov 15, 2016 11:08 IST
New Delhi [India], Nov.15 (ANI): Indepay Networks today announced fast-tracking pre-paid cards launch to provide 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.

Indepay, the youngest payment network focusing on new adopters of banking, will enable its banking partners to attain 100 million new customers through its pre-paid products.

The launch of pre-paid cards and mobile application comes as a relief in fraudulent times and is also in alignment with the Government's vision of cashless society.

Indepay will launch its pre-paid cards in February, this fiscal; focussing on under-banked and un-banked masses.The branchless mode of operation will involve enrolment of unbanked masses with simple Aadhaar card identification.

Rajib Saha, CEO and President of Indepay said, "The Company is working on a pilot basis in several cities across the country and hasacquired 10 lakh customers already. Customers will be able togetthese 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 accelerated adoption of cashless transaction. It will help add many new customers to the branchless banking model in accordance with the RBI guidelines.

Mr. Saha added, "At a time when people are seeking easy digital money alternative and are apprehensive about using debit and credit cards due to cyber frauds, these prepaid cards are much safer and simpler to use."

"Pre-paid cards limit the users' monetary exposure just to the amount in the wallet, while safe guarding life earnings in their bank account and protecting them from risks of fraudulent practices. Prepaid card is closest to cash and comes without any liability. Use of Indepay's pre-paid cards will push the existing networks' proliferation in the market place and will also reduce the transaction cost of merchants in addition to providing incentives to its customers," he added.

Indepay is already working with banks in India, Indonesia and other Asian countries.

In India, the company has tied-up with State Bank of India as the first banking partner, acquiring more than 1.25 million customers. It is active in Uttar Pradesh (West), Delhi/ NCR,Northeast and Rajasthan.

In Indonesia, Indepay was launched in 2015, in cooperation with one of its largest banks, PT Bank Central Asia Tbk (BCA). The model is operating successfully with high appreciations from the government of Indonesia.(ANI)