Bangalore, 01 November 2022: Zaggle, a profitable SaaS FinTech company and a pioneer in digitizing business spends has collaborated with National Payments Corporation of India (NPCI) to issue contactless credit cards on the RuPay network.
Zaggle and NPCI along with partner banks would use this platform to launch multiple credit cards to address the ever-growing demand of Corporates, SMEs, and consumers. The cards would be enabled for international as well as domestic transactions, making business travel convenient and easy. Besides, users would be able to use this credit card for contactless transactions as well.
Zaggle would focus keenly on enhancing the user journey through digital onboarding and instant issuance along with intuitive In-App customer experience, spend insights, credit score, etc. This would be supplemented by product innovations like gamification, customised partner offers, and other ancillary services. The customers would also be rewarded with cashback points, accelerated reward points, air miles, and various other exciting offers and discounts.
Zaggle intends to combine credit cards as payment solutions to their Spend Management software providing the businesses with a holistic value proposition. The cards and software would be available as tightly integrated solutions for customers to address their unique requirements.
Speaking about the partnership with NPCI, Raj N, Founder and Chairman, Zaggle said, “RBI’s announcement to link credit cards with UPI will provide a huge boost to this segment. Recently India witnessed nearly 9.4 billion transactions of INR 10.25 trillion led by Unified Payment Interface (UPI), and this suggests the huge opportunity that India offers. We are excited about our partnership with the NPCI and the launch of multiple credit cards will enable us to fulfil customer requirements providing them with several benefits and rewards. The Indian spend management market provides an addressable opportunity of nearly $1 trillion and through our innovation led-partnerships, we will continue to revolutionise credit offerings for our customers.”
Avinash Godkhindi, MD & CEO, Zaggle said, “We are excited to launch credit cards in partnership with NPCI and this would complement our SaaS Software, providing holistic value proposition to our customers. Through our credit cards, we intend to provide access to credit to largely underserved Indian consumers. The Indian market remains fairly under-penetrated and while there are challenges to growth due to the on-going geo-political crisis, we are seeing steady demand across corporates, SMEs and Consumers. We will continue with innovation-led partnerships and the multiple credit cards will be another step in our vision to revolutionize digital payments and lending ecosystem in the country.”
Saurabh Puri, Chief Business Officer-Credit Cards, Zaggle said, “The adoption of credit products is increasing at a fast pace in the country and we see huge headroom for credit growth. The launch of the credit cards in collaboration with NPCI is in line with rapidly evolving consumer preferences and lifestyles. The focus of the credit cards will be to enhance the user journey via digital on-boarding, instant issuance and In-App customer experience and the customers will be rewarded with benefits like cashback points, accelerated reward points, air miles and many more. Business travel will become much easier as the cards will enable international and domestic contactless transactions. We are in sync with the RBI’s vision of ‘less cash’ economy and our offering of multiple credit cards on RuPay network will help build a digital India.”
Gaurish Korgaonkar, Head – Fintech and Corporate Business, NPCI said, “We are delighted to partner with Zaggle for facilitating business transactions seamlessly via our new contactless credit cards on the RuPay network. These cards will be enabled for domestic as well as international transactions and hence, will play a pivotal role in aiding the requirements of business travellers. At NPCI, we constantly aim to innovate and augment an already extensive line of products and services targeted towards boosting digital spends and expediting the creation of a cashless economy.”
Zaggle has had a phenomenal growth journey in the $1 trillion addressable Indian spend management market. The company provides its customers with a unique expense management system along with employee rewards and recognition program services. Zaggle has been consistently expanding its product line with an aim to tap into the spend management space in the country.