LEO1 and NSDL payments bank introduce MasterCard-powered prepaid ID cards

financialexpress.com:

LEO1, an edu-fintech startup, in collaboration with NSDL Payments Bank, has introduced prepaid ID cards for students and educational institutions. This card, supported by MasterCard, is devoid of traditional numbering, offering a secure and efficient payment solution to educational institutes and students, according to an official release.

The primary objective of the prepaid student card is to streamline and optimise payment processes within educational institutions throughout India, fostering cash-free campuses. The LEO1 card aims to empower parents to digitally transfer funds and monitor expenditure across various categories, ensuring a transparent financial overview. 

Students can utilise the card for tasks such as tapping to pay institute fees, making hassle-free payments at retail outlets with POS terminals, conducting online transactions like a standard debit card, withdrawing cash from ATMs if necessary, and utilising it as a student identification card, the release mentioned.

“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 secured while opting for fee payment solutions and availing additional benefits,” Rohit Gajbhiye, founder, managing director, LEO1, said.

The prepaid ID card not only supports the aspirations of learners but also contributes to creating efficient and transparent financial ecosystems within educational institutions. The success of this initiative is further underscored by the high social collateral associated with education financing,