Rohit Sharma unveils India's first numberless prepaid student ID card in collaboration with LEO1, MasterCard

Team India skipper Rohit Sharma unveiled edu-fintech company LEO1's numberless prepaid student ID Card — which is India’s first such card — that the company has rolled out in partnership with NSDL Payments Bank and Mastercard as part of its Financial SAAS for Educational Institutions. The innovative card will servee as a secure prepaid card and a student ID card, marking a significant step in digitizing financial transactions in educational institutions, rewarding responsible behavior, and promoting cashless campuses. 

What is LEO1's numberless prepaid student ID Card?

1) Powered by Mastercard, the new card will ensure a safe and secure payment experience for students, contributing to the shared vision of LEO1, Mastercard, and NSDL Payments Bank to promote digitization of financial transactions at educational institutes.

2) LEO1 transforms financial operations for educational institutions through its comprehensive Financial SAAS platform, empowering institutions with streamlined fee collection, enhanced transparency, and real-time insights. Institutions adopting LEO1's Financial SAAS gain access to an array of modules designed to enhance fee collection operations and improve financial transparency, facilitating informed financial decisions for a more efficient and transparent financial management process.

3) LEO1's integrated system encompasses various modules to enhance the overall student experience. The Rewards Module actively engages and motivates students by employing a dynamic rewards system, using LEO1 Coins to encourage timely fee payments. 

4) The Smart ID Card Module offers multifunctional smart ID cards, serving as versatile tools for students by combining access control, identification, and financial transactions into a single, convenient solution. Simultaneously, the Fee Management Module streamlines and automates fee-related processes, providing a seamless experience for both students and institutions. 

5) Complementing these features, the Financial Literacy Module empowers students with crucial financial knowledge through educational content and tools, contributing to an enhanced understanding of financial concepts.

6) LEO1 incentivizes responsible financial behavior by rewarding timely fee payments with LEO1 Coins, where each coin holds a value of one rupee. These coins can be redeemed across various platforms for discounts and vouchers, aligning with the broader mission of making education more accessible by potentially reducing or eliminating fees for students who consistently meet payment deadlines.

7) The LEO1 card also allows parents to send money digitally, monitor category-wise usage, and oversee overall spending. 

8) For students, it facilitates seamless transactions, including tap-and-pay for institute fees, retail purchases, online transactions, and ATM withdrawals, all while doubling as a multifunctional student ID card.

Talking about the launch, Rohit Gajbhiye, Founder and Managing Director of LEO1, expressed anticipation about the collaboration, emphasizing the mission to make quality education universally accessible. He stated that the partnership signifies a crucial stride in dismantling financial barriers, establishing an environment where stakeholders can confidently embrace digital solutions for fee payments.

Gautam Aggarwal, Division President, South Asia at Mastercard, said, “Backed by Mastercard’s promise of safe and secure transactions along with exciting rewards and deals, this new card will help in digitizing the education ecosystem. A key benefit to society at large is that it will encourage the youth to manage their spends from an early age, thereby inculcating responsible financial behavior in them. Strategically targeting the 18-23 age group, the collaboration extends beyond financial transactions, aiming to cultivate a digital mindset and foster responsible digital behavior and financial literacy among the youth.”