OmniCard launches prepaid card aimed at youngsters

Mumbai: Eroute Technologies, a fintech in the payments space, has launched

OmniCard

— a

prepaid

card aimed at youngsters aged between 15-24 years.

This is the first prepaid instrument to be launched after the central bank allowed more features to be built into prepaid cards, bringing them on a par with payment banks. Eroute had received authorisation as a prepaid instrument issuer in May. The only other company to have received the prepaid authorisation after the guidelines is

Bajaj Finance

.

The Noida-based company was founded by Sanjeev Pandey, former group president of Yes Bank, Abhishek Saxena, an alumnus of IIT-BHU, and Jason Ho, chairman of Taiwan-based Taisys Group.

OmniCard, which is issued in physical form with tap-and-pay option included, can be used both offline and online. The card is issued on the RuPay network and comes with a mobile application. It can also be used for mobility payments like in Metro trains.

Eroute Technologies was one of the companies selected by the RBI for its regulatory

sandbox

, where it deployed a UPI-based offline payment solution using a SIM-overlay smartcard placed on the SIM to facilitate payments on feature phones without internet.

In April, the RBI allowed prepaid issuers to be part of payment systems like NEFT and RTGS.


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