Zaggle, a Hyderabad based startup focused on creating, marketing and distributing innovative Payment solutions has been selected by YES Bank ,the fifth largest private sector bank, as a partner to handle the issuing Prepaid cards on the master card platform to corporate customers nationwide. YES Bank has a attractive offering of prepaid cards like Reloadable card, Gift card and Store Value card capturing revenue in shopping and payment channels and plans to take its bussiness to the next level with this partnership.
Ritesh Pai, Senior President and Country Head – Digital Banking,YES Bank says that
“We at YES BANK are confident that cashless payment solutions is the way ahead in transforming financial services industry. With this partnership, YES BANK expects to reach out to 1 Crore consumers and more than 10,000 corporate. Our aim is to release 2 crore gift cards in the next 5 years, targeting top 10 cities in India including Mumbai, Delhi-NCR, Bengaluru, Chennai, Hyderabad and Pune amongst others. This differentiated offering will allow us to connect with the consumers across form factors like physical cards, virtual cards and mobile apps while creating maximum value and choice for consumers and partners”.
Avinash Godkhindi, MD & CEO, Zaggle appreciating the news says
“Zaggle’s partnership with YES BANK should help its consumer base to grow to over 1 crore users in the next 5 years. Zaggle currently has over 4 lakh cards in circulation across India. With the launch of its prepaid cards with YES BANK, Zaggle now has added Master Card to its existing Visa Prepaid instruments platform, delivering greater freedom of choice to both existing and new users to transact on any platform of their choice. The YES BANK partnership is a landmark relationship for Zaggle and we view the launch of Gift Cards as the beginning of a whole host of B2B and B2C offerings to corporations & consumers across multiple form factors like physical cards, virtual cards and mobile apps. The corner stone of all our offerings is maximizing value and choice for partners & consumers. Users seek a seamless & ubiquitous experience across board and with this partnership Zaggle is perfectly poised to offer just that. For example, the recently launched Zaggle Restaurant Cash back app has seen tremendous traction with 50,000 downloads in just 50 days without offering any freebies to users for downloads because its offers users a seamless experience, maximum choice and tremendous value “
Zaggle founded by Phani N Raj with the idea of capturing the 30 billion dollar Indian gifting market by catering to the typical needs of an Indian consumer has brought out products like– “Prepaid” gift card (using the Indian affinity for the prepaid model) successfully in the past .Today ,Zaggle offers both off the shelf and custom prepaid gift solutions: Employee rewards and recognition, channel partner incentivization, gifts to customers of corporates and employee benefits. Zaggle is now working on revolutionary creating integrated issuance and acceptance solutions .