Eroute Launches India’s 1st Prepaid Card Exclusively for YOUNG GenerationJuly 3, 2021
Noida (Uttar Pradesh) [India], July 3: Eroute Technologies Private Limited, a card-based payment company launched its maiden product offering OmniCard – India’s First Omni-channel Pre-paid Card exclusively for YOUNG Generation that aims to step up their lives by making them independent power-packed with an innovative mobile app in the emerging Indian payment industry. The launch event was well attended by various Banking & Payment leaders including Mr. A. K. Purwar-Ex SBI Chairman, H. R. Khan – former Deputy Governor, RBI, Vijay Chhibber- Ex Union Secretary, NPCI, Japan Communications, Soft Bank, CTBC, FIS to name a few. Powered by RuPay, OmniCard offers the most innovative, secure, and enduring payment experiences seamlessly integrated with the convenience of online and offline payment options.
The Noida-based company had recently received authorization from the Reserve Bank of India to issue and operate Pre-paid Instruments in the country. The OmniCard manifests the flexibility and seamless consumer payment experience to our Young and their families using their pre-paid card account independently and relieving their parents of giving them physical cash or supplementary debit/ credit cards for their spending.
Sanjeev Pandey, Co-Founder & CEO says “OmniCard solves the problem by cashless convenience that matches the vibes of the youth, lifestyle and spending experience with innovative Mobile app UI and reliability of Card. We are targeting 230 million Young in the age group of 15-24 years to empower them to spend smartly and responsibly. Today’s Young are digital natives, possess high access to the Internet, prefer independence, are full-grown consumers and influencers to family’s new age consumerism. The present apps and banks do not offer this financial freedom to the pre-banked segment and their guardians who are keen on budgets”
Praveena Rai, COO, NPCI said, “We are happy to be associated with Eroute Technologies for the launch of OmniCard on the RuPay network. We believe this card will offer a smart and unique payment experience to GenNext customers. It is great to witness RuPay’s increasing acceptance among the younger generation who is the future of our country. We are confident that this thoughtful initiative will inculcate the habit of going cash-light among them at an early age.”
Abhishek Saxena, Co-Founder & COO further states “The company has developed the full tech stack in-house with a focus on payment experiences to our User’s with high safety and convenience features like face recognition, thumb impressions. The OmniCard comes with the feature of control and visibility where the parents or users can set up spending limits and track spends using the OmniCard app.
Powered by RuPay, OmniCard will also be enabled with National Common Mobility Program to access mass transit systems in the country using Tap & Pay. It comes with multi-benefit in-app merchant offers and a seamless online shopping experience. Users may use in-built UPI services using OmniCard mobile app to load and transfer money and also pay contactless using QR Code & NFC. OmniCard will be available in Virtual and Physical forms which can be accessed both from the IOS and Android phones by downloading the app from Play Store and AppStore and users can create their card within 15 seconds by following a simple digital onboarding process. With the wide acceptability of RuPay, OmniCard can be used at millions of merchant outlets and e-commerce websites in India to diversify spending options on the card.
Jason Ho, Co-Founder states, “OmniCard is a complete experience in one step integrated with mobile App, Rupay Card and Tap &Pay for the national mass transit system. In some developed nations like Singapore, Japan, and Taiwan, it took decades to achieve such products that require a mature regulation system, standardization of technologies, and innovative hardworking people, who understand technologies but also care about the customer needs. We are committed to redefining the payment experience in every payment ecosystem in India
About Eroute Technologies
Founded in October 2018, Eroute Technologies Private Limited is a card-based payment company with a mission to redefine payment experiences by using simple, secure, and reliable omnichannel digital payment solutions that enrich the consumer lives for a responsible and sustainable future. Based at Noida, Eroute Technologies is authorised by the Reserve Bank of India as a payment system operator under the Payment and Settlement Systems Act, 2007 to issue and operate Pre-paid Instruments in the Country. The company is promoted by like-minded professionals with proven career track records carrying a vision to “serve the pre-banked and underserved segments of our society” using innovative payment technologies blended with experience and personalization.
For more information, visit https://omnicard.in/
National Payments Corporation of India (NPCI) was incorporated in 2008 as an umbrella organization for operating retail payments and settlement systems in India. NPCI has created a robust payment and settlement infrastructure in the country. It has changed the way payments are made in India through a bouquet of retail payment products such as RuPay card, Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM). NPCI also launched UPI 2.0 to offer a more secure and comprehensive service to consumers and merchants.
NPCI is focused on bringing innovations in the retail payment systems through the use of technology and is relentlessly working to transform India into a digital economy. It is facilitating secure payments solutions with nationwide accessibility at minimal cost in furtherance of India’s aspiration to be a fully digital society.
For more information, visit: https://www.npci.org.in/