YES BANK partners with Neokred to encourage cashless payments in India

By Edil Corneille

YES BANK in partnership with Neokred Technologies has launched the ‘YES BANK Neokred Card’, a co-branded prepaid card, thereby encouraging cashless payments in India. The card offerings can be personalised to suit the requirements of corporates seeking salary cards or expense cards for their employees. The prepaid card will be offered to Neokred’s corporate partners across various sectors including – healthcare, financial institutions, NBFCs, oil companies, educational institutions, FMCG and infrastructure.

The card can be loaded with balance and it can be used for spends such as purchases, utility bills payments, online shopping, ticket bookings and cash withdrawals at ATMs. Neokred offers an array of customised benefits ranging from cashback on spends, rewards, instant discounts, ‘Buy 1 Get 1’ offers, dining experience offers, and Airport lounge access, among others.

Speaking on the partnership, Anita Pai, Chief Operating Officer, YES BANK said, “We are pleased to partner with Neokred to provide a unique tech-enabled platform for partners to launch their customised product offerings quickly. The Bank’s technology and innovation capabilities are a key differentiator and we have played a distinctive role in the emergence of creating a friendly ecosystem for collaboration with fintechs and other players. We remain focused on further strengthening our leadership in digital banking through collaborations and exceed the expectations of our customers.”

Speaking on the launch, Rohith Reji, Founder & Chief Business Officer, Neokred said, “YES BANK has been instrumental in the growth of various fintechs over the years – giving a strong reason why FinTechs and Corporates prefer them over other banks. We are projecting to reach INR 300 crore of AUM to be managed via our platform and there has been a lot of noise from the corporates, startups and fintechs expressing their desire to launch their own branded products with the lowest possible TATS and compliance.”