Paramotor Digital partners with NSDL Payments Bank to issue prepaid cards

Fintech and enterprise technology firm Paramotor Digital Technology Ltd on Monday said it has entered into a co-branded partnership agreement with NSDL Payments Bank to issue prepaid cards across India.

The partnership will support Paramotor's consumer spend management, digital gifting and rewards and loyalty platforms, including SpendPro, Yayyy.shop and RewardOn.

The agreement is expected to enable Paramotor to offer industry-specific prepaid card programmes for enterprises and consumers across various use cases, the fintech firm said in a statement.

The partnership will leverage NSDL Payments Bank's prepaid card issuance services and banking infrastructure to support secure, RBI-compliant prepaid payment solutions across payment networks.

 

Rahul Anand, Promoter and Managing Director of Paramotor Digital Technology, said the agreement will strengthen the company's vertically integrated platforms.

In May, Paramotor Digital filed draft papers with markets regulator Sebi through confidential route to raise funds through an initial public offering (IPO).