LEO1 & NSDL Payments Bank Launch Prepaid ID Card for Students & Institutes in Partnership with MasterCard

LEO 1 LogoNew Delhi- 5 January 2024 LEO1, one of India’s leading Edu-fintech startups, in collaboration with NSDL Payments Bank, has launched India’s first numberless Prepaid ID card for students and educational institutions with MasterCard as a network partner. The Prepaid Student Card is designed to provide educational institutes and students with a streamlined and cost-effective payment solution.

The Prepaid card is an innovative approach to digitising the financial ecosystem in educational institutes across India and creating cash-free campuses. With the LEO1 card, Parents will be able to send money digitally and monitor category-wise usage of the card and overall spending. Students will be able to use it effortlessly to tap & pay institute fees, make payments effortlessly at any retail outlets that use POS terminals, pay online payments just like any other debit card, withdraw cash, if necessary, from an ATM, and also use it as a student ID card.

Rohit Gajbhiye, Founder and Managing Director, LEO1, while expressing his enthusiasm about the collaboration and the impact it will have on the education finance landscape said, “At LEO1, our mission has always been to make quality education accessible to all. Joining forces with Mastercard and NSDL Payments Bank gives our vision a necessary impetus and recognition. This will also create the environment wherein all the stakeholders like educational institutes, students, and parents feel secure while opting for fee payment solutions and availing additional benefits.”

Education financing is one of the fastest-growing segments as it is a deeply underserved sector that enables the aspirations of learners across India. Due to the inherently high social collateral, the lending book for this segment has been among the best-performing ones.