Sec2pay, an API integration platform for businesses, announced the launch of its new prepaid card programme platform in collaboration with a private lender bank. The programme caters to fintech brands .NBFCs,gig economy players, neo-banks, and any consumer or business-facing corporate entity by enabling them to launch co-branded prepaid cards. The card,which will use sec2payindia and lender banks’ API integration layer, is being launched on the Rupay network.
The vision and goal of sec2pay since its inception and rapid growth has been to simplify bank integration as much as feasible using API’s. We are laying blocks towards this one module at a time.
Sec2payIndia’s co-branded cards
The white label cards module is the latest edition of our product suite. Prepaid cards allow you to spend based on the amount that’s preloaded or added to them. It works similar to a gift card or liquid money,except that it’s miles ahead . These cards aren’t connected to any bank accounts and are a safe alternative to carry around.
The bank partner acts as the licence holder for the prepaid payments instrument (PPI)at the backend and for managing any audits, reports, and more with the regulator.
Why co-branded cards?
From a business perspective, here are some of the perks of pocketing a white label card . How do cards benefit a business? And how does it help an end user?
• Go live with timelines
A business can go live with their white label card in a matter of 2 weeks.
• Tracking expenses
With a dedicated dashboard ,a business can monitor expenses and track spending made on the prepaid cards.
• Compliance checks
The module takes care of end-to-end compliance so your business can sit back and relax right from the RBI regulator, PPI guidelines to reporting to and from the bank’s
• Reinforcing branding naturally
I need not enunciate that the best branding exercise is one that’s done organically. As a result, white labelling is an excellent way to increase and reinforce brand recall among your customers.
• Go cashless
With money already loaded into the cards, your customers can use it anytime as per your configured merchant categories. The card is not tied to any bank account, and the added safety it brings also makes it a very attractive financial instrument.
• Online and offline use
Your customers can make use of the cards to make purchases both online and offline. The card can be both swiped and chipped at the point of sale machine or tapped online during checkout.
Key features of cards
Swipe and insert card options
Payment collection and reconciliation
Load and reload money with ease