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Zeta launches prepaid card, targets over 1 mn customers

Press Trust of India  |  Mumbai 

Fintech company Zeta, part of Directi Group, today launched a prepaid card - Zeta Super Card - with a target of over a million customers in six months.

"Zeta has developed a more secure and convenient payments system that addresses the current loopholes in payments... We are targeting over a million consumers in the next six months for Zeta Super Card," Bhavin Turakhia, co- founder and CEO Zeta told PTI here.

"We have invested about USD 19 million in this venture so far, and will pump in another USD 25 million over the next two years," he added.

With the country's payments industry expected to touch USD 500 billion by 2020, he stressed it is essential that card payment systems offer completely secure methods to safeguard users from all possible threats.

He said is a great push for transformation into a cashless economy, but warned that the threat of transactions falling prey to frauds and can be an impediment.

Turakhia said the product was slated for a December release, but in the wake of the demonetisation, they advanced the launch by a few weeks.

Zeta will operate on a commission model for revenues, and will work out other discounts, offers and partnerships to popularise the product going forward, he said.

Founded by Turakhia, and Ramki Gaddipati, Zeta has over 300 employees, in 9 Indian cities. It also has an employee benefit product called Optima.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, November 23 2016. 18:22 IST