Underlining its efforts to streamline and enable secure pay-outs and disbursements to its network of partners, distributors and individuals in the country, India’s largest online marketplace for financial services, Rubique in partnership with MatchMove India, has announced the launch of the Rubique Prepaid Card – a new-age cashless solution which will facilitate payouts, working capital support, rewards & recognition benefits to its Business Associate network. The prepaid card will be linked to the e-wallet enabling users to transact just as they transact with any other debit card.
MatchMove is one of Asia’s fastest growing and most disruptive fintech companies. It’s globally proven Bank Wallet Operating System will enable Rubique to pay commissions, incentives and cashbacks to its retailers and distributors securely with just one click. This further eases Rubique’s current payment procedures and fund disbursements to multiple recipients.
Physical prepaid card
The card, developed specifically for the Business Associate network, is a physical prepaid card that once activated can be swiped at any offline POS merchants & for online shopping without any restrictions. Users do not need to have a specific bank account to avail this card, all card related operations are handled by the Rubique Team granting them a seamless experience. The card will also allow them to avail to other services like bill payments, booking, etc.
However, unlike a debit card, Rubique card is not linked to a bank account. Hence when partners are using a Rubique card, they are spending money that is pre-loaded on the card. This provides better control on spends with no chance of getting into a debt or risk of damaging credit. Rubique card allows users to load money on to the wallet using UPI, Debit Card & Net Banking providing the flexibility to use multiple bank accounts linked to one card.
Loans on the card
Partners can also avail loans on the card. Rubique facilitates a pre-loaded line of credit on the card to fulfill user’s working capital requirements. The same will reflect on the wallet as and when the customer is eligible for the loan.
The announcement comes at a time when India’s financial institutions and infrastructures are expanding its reach even to the remotest corners in the country, enabling the entire ecosystem into the umbrella of financial inclusion and moving towards a digital and cashless economy.
Manav Jeet, Managing Director & CEO of Rubique said, “India’s economy is quickly evolving towards the digital platform. The new wave of fintech companies not only question the traditional business practices but it is also the key driving force in changing the current landscape. Rubique being a leading fintech player would like to adopt and implement digital practices across all our functions and processes. Keeping this in mind, we have chosen to collaborate with MatchMove to ease our payment process to our key channel partners who are our business associates. Our cashless payout processes are now seamlessly integrated and this is a vital benefit in supporting the working capital of these budding entrepreneurs.”
Users can use Rubique card to withdraw any amount available in the card through an ATM or any MasterCard enabled online and offline channels.
Kumar Srinivasan, CEO of MatchMove India and Global Head of Product and Technology, said: “The addition of Rubique to our proprietary platform is a testament of our capabilities in using technologies to solve yet another real-world problem in payments as we continue to disrupt and wage war on cash. While MatchMove has already proven how the unbanked and uncarded population is able to shop online and pay digitally, this collaboration with Rubique demonstrates how we are able to cut the complexities in bulk payments to become a quick and simple one for businesses. Our unique Spend, Send, Lend™ continues to prove itself its value in the market.”
MatchMove’s platform also helps Rubique in reducing business costs and better managing and tracking the performance of its resale channels. A streamlined pay out disbursement process means that these business associates are now able to track their finances. For Rubique, the new process also translates into improved work efficiency and productivity.
To date, Rubique has processed approximately 100,000 applications, disbursed US$345 million worth of loans and signed up about 65,000 cards across 80+ financial institutions. Rubique’s business has seen a fourfold increase year-on-year and it plans to increase its footprint from 27 to 100 cities next year.
Fintech company Rubique demystifies complex financing processes and empowers individuals & SME by providing an easy and smooth access to finance through a wide range of credit cards and loan products thereby, making finance simple for them.
Rubique understands that getting a loan is the first step towards realizing a lifelong dream. We assist our customers in getting there by mining all possibilities to provide an all-inclusive solution to their financial requirements.
Built on a proprietary matchmaking algorithm, Rubique’s marketplace lending platform offers breakthrough features like real-time processing and online approval by direct integration with financial institutions’ systems reducing the processing time significantly. Data analytics performed on hundreds of data points on Rubique’s platform assess the creditworthiness of the customers (loan origination qualification) bringing predictability by giving them eligible offers to choose from. Rubique offers the best of both worlds – a marketplace for the customer to get choices(eligible) + an end to end fulfilment support just like any lender.
Founded in Oct 2014, Fintech company Rubique aims to become the most trusted and personalized financial services marketplace for individuals and SMEs.