1Pay, a fintech startup and an RBI-approved (in-principle) full-stack payment aggregator, has launched a first-of-its-kind multi-purpose virtual prepaid card for fleet operators to manage and control all possible expenses under a single platform.
The innovative prepaid card provides the fleet industry with increased flexibility, efficiency, and automation to simplify and accelerate payments. 1Pay is the only payment aggregator that aims to create a Neo Banking Platform to digitally unify the unorganized Logi-Fintech space by bringing transportation, logistics, and the banking industry on one platform.
1Pay’s virtual prepaid card is an all-in-one Fleet Expense Management solution that enables drivers to seek trip advances easily, itineraries pre-approved by management, booking and filing expenses digitally while on the move.
1Pay’s virtual card works the same as any other debit or credit card, but has additional benefits. To apply, fleet owners and managers need to first download the 1Pay’s 1Move app from the play store. Through their AI-enabled systems, 1Pay does secure and fully digital e-KYC verification via video. Once done, fleet managers can start using the prepaid card that provides real-time visibility of drivers’ on-road expenses. As a result, they can have better control over fleet operations and are protected against any fraud.
Speaking about the launch, Sanjiv Shah, Co-Founder of 1Pay said, “At 1Pay, our aim is to provide fleet operators and transporters with effective and efficient, easy-to-use financial solutions. This virtual prepaid card is a step towards building the product stack for them and offering better finance managing solutions. We also hope this product will further strengthen our market position in India and we continue to build and provide more value to our customers.”
Oomkar Kulkarnie, Head – Product and Technology, “We focus on developing innovative solutions for unorganised sectors by utilising cutting-edge product approaches and seamless payment processing capabilities”.
He added, “Apart from directly benefiting fleet owners, the new prepaid card solution will benefit stakeholders such as fleet aggregators, telematics companies, and fintech associated with the industry by allowing them to add a layer of payments across their offerings. With this, we hope to provide greater business value with our new offering.”
