LEO1 (formerly known as Financepeer), an Edu-fintech startup, in collaboration with NSDL Payments Bank Limited (NPBL), the wholly-owned subsidiary of National Securities Depository Ltd (NSDL), has launched ‘LEO 1 Card’ which is India’s first numberless Prepaid ID card with MasterCard as a network partner.
- The card aims to transform a student ID card into a student utility card.
About LEO 1 Card:
i.The card acts as a contactless debit card as well as an identity card.
ii.The card comes with a virtual wallet which can be controlled through the LEO1 mobile application(app).
iii.Once the money is added to the wallet, it can be used at any point of sales (POS) outlet and also be withdrawn from an Automated Teller Machine (ATM) without setting up a bank account.
iv.The cardholder should be of minimum 18 years old.
Features:
i.The cardholder can set up spending limits with a maximum of Rs 2 lakh per day.
ii.The card can be blocked/unblocked from the mobile app.
iii.The card also comes with a Financial Literacy module to teach better money management.
iv.By spending through the card, cardholders can earn rewards and LEO Coins in their wallet.
Bank of Baroda launches NCMC RuPay Prepaid Card
The Bank of Baroda (BoB),a public sector bank, has launched the National Common Mobility Card (NCMC) RuPay Reloadable Prepaid Card in alignment with the ‘One Nation, One Card’ initiative.
About the card:
i.It is a chip-enabled contactless RuPay Platinum Europay, Mastercard and Visa (EMV) prepaid card.
ii.Apart from acting as a traditional ATM card, it can also be used to pay for public transport (such as metro rails, buses, trains, cabs, ferries, tolls and parking).
iii.The maximum online wallet balance allowed is Rs 1 lakh and the maximum offline wallet balance allowed is Rs 2,000.
iv.Online wallet can be top-upped through a dedicated portal provided by BoB whereas the offline wallet can be reloaded at designated NCMC terminal operators.
Recent Related News:
Axis Bank Limited and Social Worth Technologies Private Limited (Fibe) (formerly known as EarlySalary) have partnered to launch India’s first-ever numberless credit card called Fibe Axis Bank Credit Card.
About LEO1:
Leo1 owned by Gajju Technologies Private Limited is a Google incubated Fintech company.
Founder & Managing Director (MD) – Rohit Gajbhiye
Headquarters – Mumbai, Maharashtra
Established in – 2017
About Bank of Baroda (BoB):
Managing Director and Chief Executive Officer(CEO) – Debadatta Chand
Headquarters – Vadodara, Gujarat (Corporate centre is in Mumbai, Maharashtra)
Established in – 1908
Tagline – India’s International Bank
