2023-12-20 13:39:55
PayCraft, a Mumbai-based fintech company, has recently announced a partnership with NSDL Payments Bank and the National Payments Corporation of India (NPCI) to launch the One Nation Corporate Card. This innovative card is designed to act as an employee tax benefit tool with transit issuance and processing capabilities, all on an indigenously developed multi-wallet platform.
According to a statement released by the company, the One Nation Corporate Card also comes with a corporate expense management platform that allows employers to digitally manage their expenses.
One of the key features of the card is its ability to function as a national transport card, allowing cardholders to travel across India using any public transport that accepts bank-issued cards. The card is enabled offline on the National Common Mobility Card (NCMC) specifications, aligning with the Government of India’s ‘One Nation One Card’ vision.
In addition to its transportation capabilities, the One Nation Corporate Card also provides a valuable solution for digitizing business expenses for corporates and SMEs across the country.
For corporates and SMEs, the card simplifies business travel, small value payments/disbursements, and branch expenses. It enables payments at merchant POS devices and e-commerce payments at online websites/portals/mobile apps.
The benefits for employees are also significant, as the card can be used as a daily transport travel card, a ticket for journeys, a tax concession card, and for business purposes.
The One Nation Corporate Card aims to serve one million corporate and SME customers in India within 24 months of its launch. It integrates NCMC offline payments with retail payments, providing convenience for all payments required in a user’s daily life.
In terms of travel, the card streamlines experiences on buses, trains, metros, and more, facilitating seamless transactions across ATMs, POS, e-commerce websites, and metro stations.
Overall, the introduction of the One Nation Corporate Card represents a significant step forward in the realm of fintech and payment processing, offering a comprehensive solution for both businesses and individuals in India.
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