InstantPay Launches India’s First Cashback Card in Partnership with NPCI and YES Bank

InstantPay, India’s leading open banking platform, today announced the launch of the InstantPay Cashback Card in partnership with NPCI and YES Bank. It is a premium, ‘future ready’ contactless card powered by RuPay that offers 1% unlimited cashback on most spends, so consumers can now grow their money, even when they spend.

The InstantPay card comes with a zero minimum balance requirement and has a maximum balance limit of Rs. 2 lakh, which makes it a perfect secondary account for everyday transactions of any individual. This also ensures that there is zero exposure to customers’ primary bank account. Corporates on the other hand can issue these as expense cards to their employees to effectively manage the travel, entertainment, and day to day business expenses while saving a lot of money with the cashback program. InstantPay offers an end-to-end expense management solution to such businesses.

The InstantPay RuPay Contactless Card is in line with the specifications of the National Common Mobility Card (NCMC) program that ensures that the customer gets a ‘One Card for all Payments’ experience. The card comes with various features and benefits including offers from leading merchants and a complimentary personal accident insurance coverage of upto 2 lakhs.

Speaking on the launch, Mr. Shailendra Agarwal, CEO, InstantPay said, “The InstantPay Cashback Card is just not another card, it’s a disruptive product designed by InstantPay in partnership with the digital first YES Bank, and NPCI, India’s own and largest payments network. The card gives the customer security and freedom to transact digitally while earning cashback on spends. This launch is in line with our commitment of empowering more and more people to transact digitally and safely.”

Added Mr. Nalin Bansal, Head of RuPay & NFS, NPCI said, “We are pleased to collaborate with InstantPay and Yes Bank for the launch of the InstantPay Cashback Card. This premium proposition will help InstantPay RuPay Contactless Cardholders manage and streamline their expenses efficiently. This card will also ensure that transactions are seamless, and at the same time rewarding for customers. We believe that the unique Cashback Card will incentivise and encourage consumers to adopt contactless payments with RuPay. It is also a pleasure for us witnessing RuPay Contactless gaining rapid momentum among customers through its customized and exclusive offerings – making it a preferred payment choice of new India.”

Added Ms. Anita Pai, COO, YES Bank, “We are pleased to partner with InstantPay to provide a unique tech-enabled platform for consumers to enjoy the convenience of a contactless card and earn cashbacks on everyday spends. The Bank remains focused on creating more value for consumers by leveraging technology and innovation capabilities. We will continue to strengthen our leadership in digital banking through collaborations with new-age players – that enable us to reward our customers and offer greater convenience.”

Consumers can apply for the InstantPay Cashback Card online from the safety and comfort of their home via the InstantPay website or the mobile application. The card can also be issued by walking into any of the InstantPay Digi Kendra present at over 15,000 pin codes in India. There are no annual or monthly fees associated with the card.

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