OBOPAY partners with Federal Bank, Mastercard, unveils pre-payment instrument for enterprise customers

Global financial technology company, OBOPAY, today announced the launch of a new generation pre-payment instrument in partnership with Federal Bank and Mastercard. 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, said a company statement.

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, said the statement, adding that ‘Split transaction’ feature provides payment flexibility to users and multiple payment scenarios among many others.

Cardholders will also be able to use the OBOPAY card as a prepaid card, and it 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, it added. 

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Commenting on the card launch, Shailendra Naidu, CEO, OBOPAY, said “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.”

Vikas Varma, Senior Vice President, South Asia, Mastercard said, “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."

Nilufer Mullanfiroze, Senior Vice President, Federal Bank, said, “We are pleased to partner with OBOPAY and Mastercard for promoting payments throughprepaid 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. ”

Users can use the OBOPAY 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.