Bengaluru/ Mumbai, 14th February 2024: LEO1, a leading Edu-fintech company, has introduced India’s first numberless prepaid student ID Card in partnership with NSDL Payments Bank and Mastercard as part of its Financial SAAS for Educational Institutions. This innovative card serves as a secure prepaid card and a student ID card, marking a significant step in digitizing financial transactions in educational institutions, rewarding responsible behavior, and promoting cashless campuses. This strategic alliance underscores LEO1’s unwavering commitment to financial innovation, inclusivity, and digital empowerment in the education sector.
In Mumbai, the launch event unfolded with great anticipation as the card was unveiled in the presence of Rohit Sharma, the Captain of the Indian Cricket team, before a distinguished gathering of officials from LEO1, Mastercard, and NSDL Payments Bank.
Powered by Mastercard, the new card will ensure a safe and secure payment experience for students, contributing to the shared vision of LEO1, Mastercard, and NSDL Payments Bank to promote digitization of financial transactions at educational institutes.
LEO1 transforms financial operations for educational institutions through its comprehensive Financial SAAS platform, empowering institutions with streamlined fee collection, enhanced transparency, and real-time insights. Institutions adopting LEO1’s Financial SAAS gain access to an array of modules designed to enhance fee collection operations and improve financial transparency, facilitating informed financial decisions for a more efficient and transparent financial management process.
LEO1’s integrated system encompasses various modules to enhance the overall student experience. The Rewards Module actively engages and motivates students by employing a dynamic rewards system, using LEO1 Coins to encourage timely fee payments. The Smart ID Card Module offers multifunctional smart ID cards, serving as versatile tools for students by combining access control, identification, and financial transactions into a single, convenient solution. Simultaneously, the Fee Management Module streamlines and automates fee-related processes, providing a seamless experience for both students and institutions. Complementing these features, the Financial Literacy Module empowers students with crucial financial knowledge through educational content and tools, contributing to an enhanced understanding of financial concepts.
Notably, LEO1 incentivizes responsible financial behavior by rewarding timely fee payments with LEO1 Coins, where each coin holds a value of one rupee. These coins can be redeemed across various platforms for discounts and vouchers, aligning with the broader mission of making education more accessible by potentially reducing or eliminating fees for students who consistently meet payment deadlines.
The LEO1 card stands as a transformative tool for parents, allowing them to send money digitally, monitor category-wise usage, and oversee overall spending. For students, it facilitates seamless transactions, including tap-and-pay for institute fees, retail purchases, online transactions, and ATM withdrawals, all while doubling as a multifunctional student ID card.
Rohit Gajbhiye, Founder and Managing Director of LEO1, expressed anticipation about the collaboration, emphasizing the mission to make quality education universally accessible. The partnership signifies a crucial stride in dismantling financial barriers, establishing an environment where stakeholders can confidently embrace digital solutions for fee payments.
Gautam Aggarwal, Division President, South Asia at Mastercard, said, “Backed by Mastercard’s promise of safe and secure transactions along with exciting rewards and deals, this new card will help in digitizing the education ecosystem. A key benefit to society at large is that it will encourage the youth to manage their spends from an early age, thereby inculcating responsible financial behavior in them.
“Strategically targeting the 18-23 age group, the collaboration extends beyond financial transactions, aiming to cultivate a digital mindset and foster responsible digital behavior and financial literacy among the youth.”
NSDL Payments Bank says: We are proud to introduce the student ID cum Prepaid Card, designed to streamline payment experiences for students. The versatile student ID cum Prepaid Card facilitates transactions seamlessly across all ECOM stores & POS stores. Together, we are shaping the future of payments and forging a path towards a seamless and uniform experience for educational institutions and students.