The Indian open banking platform InstantPay has announced the arrival of the InstantPay Cashback Card, which has been launched through a strategic partnership with NPCI and YES BANK.
Poised as ‘future ready’ and powered by RuPay, the product is a premium contactless card that offers 1% unlimited cashback on a majority of transactions; allowing consumers to grow their money, even when they spend.
The InstantPay card comes with a zero minimum balance requirement and has a maximum balance limit of ₹2 lakh (approximately £1932), which makes it an ideal secondary account for everyday transactions. This also ensures that there is zero exposure to customers’ primary bank account. Corporates on the other hand can issue these as expense cards to their employees to effectively manage the travel, entertainment, and day-to-day business expenses; whilst also benefitting from the cashback programme.
“The InstantPay Cashback Card is just not another card, it’s a disruptive product designed by InstantPay in partnership with the digital-first YES BANK, and NPCI, India’s own and largest payments network,” comments Shailendra Agarwal, the CEO of InstantPay. “The card gives the customer security and freedom to transact digitally while earning cashback on spends. This launch is in line with our commitment of empowering more and more people to transact digitally and safely.”
InstantPay offers an end-to-end expense management solution to such businesses. The InstantPay RuPay Contactless Card is in line with the specifications of the National Common Mobility Card (NCMC) programme that ensures that the customer gets a ‘One Card for all Payments’ experience. The card comes with various features and benefits, including offers from leading merchants and a complimentary personal accident insurance coverage of up to ₹2 lakhs.
“We’re pleased to collaborate with InstantPay and Yes Bank for the launch of the InstantPay Cashback Card,” comments Nalin Bansal, Head of RuPay & NFS, NPCI. “This premium proposition will help InstantPay RuPay Contactless Cardholders manage and streamline their expenses efficiently. This card will also ensure that transactions are seamless, and at the same time rewarding for customers. We believe that the unique Cashback Card will incentivise and encourage consumers to adopt contactless payments with RuPay. It is also a pleasure for us witnessing RuPay Contactless gaining rapid momentum among customers through its customized and exclusive offerings – making it a preferred payment choice of new India.”
Anita Pai, COO, YES Bank, added, “We’re pleased to partner with InstantPay to provide a unique tech-enabled platform for consumers to enjoy the convenience of a contactless card and earn cashbacks on everyday spends. The Bank remains focused on creating more value for consumers by leveraging technology and innovation capabilities. We will continue to strengthen our leadership in digital banking through collaborations with new-age players – that enable us to reward our customers and offer greater convenience.”
Consumers can apply for the InstantPay Cashback Card online via the InstantPay website or the mobile application. The card can also be issued by walking into any of the InstantPay Digi Kendra present at over 15,000 pin codes in India. There are also no annual or monthly fees associated with the card.