InstantPay, which works as India’s main open banking platform, has rolled out the InstantPay Cashback Card, a press release said Monday (June 7).
The card is done in partnership with NPCI and YES Bank and is a contactless card powered through RuPay. The card will offer 1 percent unlimited cashback, letting consumers grow money even as they spend. And the card comes with a zero minimum balance requirement with a maximum balance of 2 lakh rupees (approximately $2,750).
That limitation makes it so that there’s no exposure for customers’ accounts.
Corporates can use the card as an expense card for employees. They’ll allow the companies to manage the travel, entertainment and everyday business expenses. InstantPay, according to the release, works to offer an end-to-end expense management program.
Speaking on the launch, Shailendra Agarwal, CEO, InstantPay said the card “gives the customer security and freedom to transact digitally while earning cashback on spends.”
“This launch is in line with our commitment of empowering more and more people to transact digitally and safely,” Agarwal said.
Nalin Bansal, head of RuPayNFS, National Payments Corporation Of India (NPCI), added that the card will “help InstantPay RuPay Contactless Cardholders manage and streamline their expenses efficiently.”
“This card will also ensure that transactions are seamless, and at the same time rewarding for customers,” Bansal said. “We believe that the unique Cashback Card will incentivise and encourage consumers to adopt contactless payments with RuPay. It is also a pleasure for us witnessing RuPay Contactless gaining rapid momentum among customers through its customized and exclusive offerings – making it a preferred payment choice of new India.”
Employee expenses are an area of concern now that the pandemic has altered things, with business expenses falling by around 50 percent because of the pandemic’s seismic shifts. But Ken Tan, co-founder of Singapore-based business travel and expense management startup Navisteps, said there had been a pickup in spending volumes as the world got used to the pandemic economy.