back Back

SBM Bank India and StashFin to launch contactless prepaid cards

By Edil Corneille

January 28, 2021

  • India
  • Sbm

SBM, Bank, India, Singapore-based neobanking startup StashFin and SBM Bank India today announced the launch of their co-branded contactless prepaid cards. Designed through collaboration, these prepaid cards will boost access to credit for underbanked consumers. With this launch, the business partnership is set to bridge the growing credit gap in India.

The Visa powered card comes with a contactless EMV chip, offering the cardholders 24×7 access to funds. With its enhanced safety and security features, the prepaid card acts like a personal overdraft facility, allowing the customer to take loans up to INR 500,000. This card can be used for free ATM cash withdrawals and online/offline payments at all merchant platforms and PoS terminals across India. Notably, with a hassle-free approval process, card users can convert all their purchases into EMIs and pay interest only on the funds used, a feature available on the StashFin SBM card.

Tushar Aggarwal, Founder of StashFin said, “We are committed to offering seamless credit services to our customers and work tirelessly towards it.” The neobanking startup aim to disrupt traditional lending in India and increase credit footprint amongst the unbanked population. “The sophisticated technology infrastructure of SBM Bank enables secured contactless payment instantly and offers 24×7 fund access anywhere in the country. We are glad to introduce a product that will fulfil the financial requirements of millions of consumers thereby ensuring their financial inclusion.” added Tushar.

Neeraj Sinha, Head- Retail & Consumer banking, SBM Bank India said, “With the economy rebounding rapidly, there is buoyancy in consumerism. Demanding access to affordable credit is key. Our collaboration with StashFin and subsequently the launch of the co-branded cards are small steps towards smart banking for lenders.”

The emergence of neobanks and growth of the digital financial technology (FinTech) sector has transformed the global financial architecture to a large extent. The ability of neobanking platforms like StashFin, to offer hassle-free, smart and transparent services has pushed modern banking towards a continually growing trajectory.

Previous Article

January 28, 2021

PNC Bank to acquire payment solutions provider Tempus Technologies

Read More
Next Article

January 28, 2021

Jack Henry includes digital consumer lending to its lending suite

Read More

IBSi Daily News Analysis


July 19, 2024


SMEs leverage cloud to gain competitive edge, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News


4 BNPL platforms providing financial freedom to consumers in MENA

Read More


Paytm & Axis Bank to offer POS solutions to merchants

Read More


Klarna integrates Sofort payment service with Klarna Payments

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
Get your copy now! IBSi Sales League Table 2024