Source: Pepper Money
Pepper Money India has partnered with the National Payments Corporation of India (NPCI) and Pine Labs to launch a RuPay prepaid card in India, Pepper Money Dreams Card.
The Pepper Money Dreams Card represents the country's first prepaid card tailored for Tier 2 cities and beyond as well as other key emerging cities. It is a series of financial solutions scheduled for release over the next few months. Pepper Money India has ambitious plans to onboard approximately 1 million customers within the next 12-15 months through this prepaid card.
Addressing the relatively lower card penetration in Tier 2 cities and beyond, the fintech company is employing a personalized rewards approach, involving collaborations with renowned local merchants in its target cities. As part of its launch, Pepper Money has partnered with over 100 local businesses across various sectors, including fashion, dining, travel, consumer electronics, health, and personal care. Additionally, the company is offering a flat 1 percent cashback on all transactions, both online and offline.
The Indian prepaid card market, valued at USD 119 billion in 2022, is poised for substantial growth, driven by favorable government initiatives, and is projected to achieve a remarkable ~36% CAGR over the next five years.
Abhishek Kothari, CEO of Pepper Money India, expressed his enthusiasm for this venture, stating, "We firmly believe in the growth potential offered by Tier 2 and 3 cities in India. The significant uptick in digitalization adoption in financial products, coupled with evolving spending patterns among aspirational millennials in these cities, presents an appealing business opportunity. Our Rupay-powered Pepper Money Dreams Card emphasizes hyper-localization by establishing a two-sided ecosystem, connecting consumers and local merchants. We are thrilled to partner with NPCI and our Card Issuing partner Pine Labs for the launch of this card and will continue to expand our presence in India.”
“Pine Labs is thrilled to partner with Pepper Money India and power their newly launched Pepper Money Dreams Card on our prepaid platform. We believe that this is a one-of-its-kind prepaid card with exciting rewards and benefits. It has the potential to further fuel the adoption of digital means of payments in Tier-2 cities and beyond,” said Navin Chandani, President - Issuing Business, Pine Labs.