The already popular National Payments Corporation of India (NPCI) payment platform – RuPay now moves one-notch higher with a Fintech start-up Zeta, and RBL Bank, an already a leading player in the credit card, meal voucher and magnetic strip card arena, offering their consortium services for employee benefit tax optimization services over the Corporation’s payment platform.
The move puts Zeta on a niche marketing segment as the first-ever such meal voucher solution provider to run on Government of India endorsed RuPay platform, thus opening up a massive gateway into the revolutionary pre-paid card based transaction system in a country that holds the greatest potential for digital card-based consumer traffic in the coming decade.
The card will carry robust anti-fraud security measures that will enable users make payments across 12 lakh+ outlets across India as well as online stores. Inking the historic deal, just days ago, Mr. A. P. Hota, MD & CEO, NPCI said, “We are happy to extend RuPay card platform for salaried individuals across sectors through Zeta. This strategic partnership between RBL Bank and Zeta will assist all individuals to spend their salary perquisites through digital means.”
Following up on his comments, Mr R Gaddipati, Co-founder and CTO, Zeta, said, “ The combined offering of Zeta, RBL and RuPay is built with a sharp focus on enhancing user experience, and is aimed at accelerating the cashless movement using technologies made in India, for India.”
Today, RuPay commands a reach of over 1.2 million and counting POS terminals across the country. Thus Zeta Card will envisage a sweep of the largest population of smaller rural and semi-urban areas into its Net.
Launch payments will be through UPI, Bharat QR Code and Aadhaar Pay and will open new facilities to a larger section of the salaried population with or without access to smartphones and magnetic stripe card machines.
It is also learnt that with the RBI draft proposal on issuance of prepaid meal instruments that converts meal vouchers from paper format to digital, by 31st December 2017, the stakeholders are busy training and facilitating the public and private sector to make the transition smooth and trouble-free.