Will supplement offerings in the highly attractive prepaid cards (Reloadable card, Gift card and Store Value card) space
Will reach out to 1 Crore consumers and more than 10,000 corporate
Release 2 crore gift cards in the next 5 years, targeting top 10 cities in India including Mumbai, Delhi-NCR, Bengaluru, Chennai, Hyderabad and Pune amongst others
January 21, 2016, Mumbai: YES BANK, India’s fifth largest private sector bank, announced collaboration with Zaggle for issuance of its prepaid instrument on the MasterCard Platform for corporate consumers across India. YES BANK, through this partnership, will supplement its offering in the highly attractive prepaid cards (Reloadable card, Gift card and Store Value card) space and aim at creating business opportunity with shopping and payment channels that include retail stores, mail order, and ecommerce platforms.
Addressing this space as an opportunity of high strategic importance,
Ritesh Pai, Senior President and Country Head – Digital Banking at YES BANK stated, “We at
YES BANK are confident that cashless payment solutions is the way ahead in transforming financial services industry. With this partnership, YES BANK expects to reach out to 1 Crore consumers and more than 10,000 corporate. Our aim is to release 2 crore gift cards in the next 5 years, targeting top 10 cities in India including Mumbai, Delhi-NCR, Bengaluru, Chennai, Hyderabad and Pune amongst others. This differentiated offering will allow us to connect with the consumers across form factors like physical cards, virtual cards and mobile apps while creating maximum value and choice for consumers and partners”.
Zaggle is a digital payments and analytics company with the focus on providing its users maximum freedom of choice with greater value. According to Avinash Godkhindi,
MD & CEO, Zaggle, “Zaggle’s partnership with YES BANK should help its consumer base to grow to over 1 crore users in the next 5 years. Zaggle currently has over 4 lakh cards in circulation across India. With the launch of its prepaid cards with YES BANK, Zaggle now has added Master Card to its existing Visa Prepaid instruments platform, delivering greater freedom of choice to both existing and new users to transact on any platform of their choice.
Zaggle is the brainchild of Phani N Raj, Founder & Chairman, Zaggle, who wanted to create a disruptive offering to B2B customers and found the prepaid card industry the perfect vehicle to achieve this. He quotes “We are seeing a shift in the way people want to redeem vouchers and are consequently strengthening our B2C offerings. We see this as a massive growth driver for the prepaid cards industry going ahead. Zaggle will be coming out with virtual cards soon.”
Avinash Godkhindi states “The YES BANK partnership is a landmark relationship for Zaggle and we view the launch of Gift Cards as the beginning of a whole host of B2B and B2C offerings to corporations & consumers across multiple form factors like physical cards, virtual cards and mobile apps. The corner stone of all our offerings is maximizing value and choice for partners & consumers. Users seek a seamless & ubiquitous experience across board and with this partnership Zaggle is perfectly poised to offer just that. For example, the recently launched Zaggle Restaurant Cash back app has seen tremendous traction with 50,000 downloads in just 50 days without offering any freebies to users for downloads because its offers users a seamless experience, maximum choice and tremendous value ”