Paramotor Digital Technology partners with NSDL Payments Bank for co-branded prepaid cards
Mumbai: Paramotor Digital Technology Limited has entered into a co-branded partnership agreement with NSDL Payments Bank Limited to issue co-branded prepaid cards across India.
The agreement will support Paramotor’s platforms focused on consumer spend management, digital gifting, and rewards and loyalty, including SpendPro, Yayyy.shop and RewardOn.
Under the partnership, Paramotor will be able to offer prepaid card programmes for enterprises and consumers across different industries and use cases. The company said the arrangement will expand its capabilities in consumer spend management, digital gifting, and rewards and loyalty services.
Prepaid card issuance
The partnership will utilise NSDL Payments Bank’s prepaid card issuance services, banking infrastructure and regulatory framework to support the launch of RBI-compliant prepaid payment solutions across payment networks.
According to Paramotor, the agreement is also expected to support the development of industry-specific prepaid card programmes for businesses and consumers.
Rahul Anand, Promoter and Managing Director, Paramotor Digital Technology Limited, said the agreement is expected to strengthen the company’s vertically integrated platforms by combining its technology capabilities with NSDL Payments Bank’s banking infrastructure.
For NSDL Payments Bank, the partnership is intended to expand access to prepaid payment solutions for businesses. The bank’s infrastructure will be combined with Paramotor’s technology capabilities to support customised prepaid card programmes.
The two organisations said the agreement is aimed at supporting financial inclusion and enabling enterprises to provide payment solutions through a technology-led architecture.
