LEO1 and NSDL Payments Bank launch prepaid ID card for students and institutes

Edu-fintech startup LEO1, in collaboration with NSDL Payments Bank and with MasterCard as network partner, launched India’s first numberless Prepaid ID card for students and educational institutions on Friday. As per the fintech startup the prepaid student card is designed with an aim to provide educational institutes and students with a streamlined and cost-effective payment solution.

LEO1 Prepaid ID Card for Students & Institutes: Features 

* The prepaid card will help digitise the financial ecosystem in educational institutes across India and create cash-free campuses. 

* With the LEO1 card, parents will be able to send money digitally and monitor category-wise usage of the card and overall spending. 

* Students will be able to use it effortlessly to tap and pay institute fees, make payments effortlessly at any retail outlets that use point of sale (POS) terminals.

* Students will also be able to pay online payments just like any other debit card, withdraw cash, if necessary, from an ATM.

* Complete with their student and curriculum details, students will also be able to use it as a student ID card.

Talking about the launch of the innovative product, Rohit Gajbhiye, Founder and Managing Director of LEO1, said, “At LEO1, our mission has always been to make quality education accessible to all. Joining forces with Mastercard and NSDL Payments Bank gives our vision a necessary impetus and recognition. This will also create the environment wherein all the stakeholders like educational institutes, students and parents feel secured while opting for fee payment solutions and availing additional benefits.”

The education financing sphere is one of the fastest-growing segments with lots of scope, as it is a deeply underserved sector that enables the aspirations of learners across India. Due to the inherently high social collateral, the lending book for this segment has been among the best-performing ones, the fintech startup informed.