CARD91, a global payment infrastructure powering B2B payments, announced a strategic partnership with YES BANK and RuPay, the flagship product of National Payments Corporation of India (NPCI). Through this partnership, CARD91 will create a card management system that will allow companies to launch a variety of co-branded card instruments as well as maintain a real-time dashboard to generate insights. This will enable CARD91 to expand its presence in the Indian payments market.
CARD91’s partnership with YES BANK and RuPay will enable the company to provide businesses of all kinds across various sectors with a range of card instruments for managing and securing payments. Businesses will now have an option to choose from co-branded or non-branded card instruments, thereby giving them an innovative solution to address specific use.
CARD91 is a plug-and-play Payment Issuance Infrastructure designed to help businesses launch co- branded cards and simplify payments. By managing compliance, regulation, infrastructure, lending, issuance, and customer service, the company offers a seamless process for the launch of co-branded payment cards. CARD91 optimises costs, decreases launch time and provides real-time insights and data on card instruments.
CARD91 allows businesses to monitor their payment flows, from onboarding to processing transactions and data reconciliation. Banks can offer their customers access to new-age payment services, as well as support card-based lending. The company is also in discussion with other brands about co-branded instruments.
“We are delighted to partner with YES BANK and RuPay,” said Ajay Pandey, co-founder of CARD91. “This partnership will help us offer businesses a simple and secure way to manage their payments, compatible with a wide range of payment networks across the country. By utilizing the scalable CARD91 infrastructure, businesses will be able to launch any type of card instrument quickly and gain real-time insight into their usage. Our aim is to further revolutionise and accelerate the Indian digital payments system.”
Speaking on the occasion, Naveen Chaluvadi, Chief Digital Officer, YES BANK, said, “We are pleased to partner with CARD91 on this technology-driven project platform. This is in line with our strategy of nurturing innovation, strengthening the payments ecosystem and creating commercial models that will provide value for our customers and clients. This partnership aims to provide technology support to propel go-to-market for businesses, enabling them to launch multiple prepaid payment instruments, thereby delivering the convenience of digital-first solutions to more consumers. We are looking forward to step-up our efforts to deliver a range of solutions that add value to customers and push the boundaries through this strategic arrangement with the help of partnerships across multiple programs.”
Mr. Nalin Bansal, Chief of Corporate and Fintech Relationships and Key Initiatives, NPCI, said, “We are pleased to be an integral part of CARD91’s new-age solutions in terms of card management system for businesses. We believe such kind of initiatives will further add value to RuPay’s journey of providing a seamless and tech-led corporate payment management experience to businesses. With RuPay’s immense popularity among retail customers, we are confident to witness its increased adoption among the business fraternity as well.”
Bengaluru-based CARD91, which has offices in Mumbai and Delhi, is poised to become a major player in the global payment infrastructure market. CARD91 recently emerged from stealth mode and raised $13 million in a Pre-Series A round of funding. In August 2020, Ajay Pandey, Kush Srivastava, and Vineet Saxena founded the technology startup. All three have founded successful ventures in the past, including Myntra, Mastiff, and Quiklo.