PayCraft, a Mumbai-based fintech entity specializing in online and offline payments processing, has launched the One Nation Corporate Card in partnership with NSDL Payments Bank and the National Payments Corporation of India (NPCI). “This innovative card, built on an indigenously developed multi-wallet platform with Transit Issuance and Processing Capability, serves as an Employee Tax Benefit instrument. It also comes with a corporate expense management platform for the employer to manage their expenses digitally,” the company said in a statement.
The USP of the One Nation Corporate Card is its ability to function as a National Transit Card, enabling cardholders to travel throughout India on any public transport that accepts bank-issued cards. Built on National Common Mobility Card (NCMC) specifications with offline enabled, these cards will advance the Government of India’s vision of One Nation One Card. It also offers a valuable solution for digitizing business expenses for corporates and SMEs across the country.
Benefits to Employees: The One Nation Corporate Card is a multipurpose card and can be used as day-to-day Transit Travel Card (in metro, buses, and other modes of public transport wherever NCMC card is accepted), tax benefit card and business travel card.
Ambarish Parekh, CEO of PayCraft, said, “The One Nation Corporate Card will be offered to the Indian Customers Pan India from June End. We aim to service a million Customers both Corporates and SME employees pan India within 24 months of our launch. This product amalgamates NCMC offline payments along with retail payments and brings ease of use and convenience of one instrument for all payments needed in the daily life of a user. Our expertise in handling both Offline and Retail Payments has played a key role in building this product.
Meanwhile, NSDL Payments Bank said, “We are proud to introduce the One Nation Corporate Card, designed to streamline travel experiences, in collaboration with Paycraft. This innovative card simplifies commuting via buses, trains, metros, etc., providing a unified solution. The versatile One Nation Corporate Card facilitates transactions seamlessly across four channels: ATM, POS, e-commerce websites, and metro stations. Together, we are shaping the future of payments and forging a path towards a seamless and uniform travel experience for Indian society as a whole.”