Fintech Startup 1Pay Unveils Next-gen Virtual Prepaid Card for Fleet Management
The all-in-one Fleet Expense Management card allows fleet owners to manage overall expenses incurred during the fleet journey.
With real-time monitoring features, fleet operators can have better control over fleet operations and be protected from any fraud deduction or unusual transactions.
1Pay, a Fintech startup and an RBI-approved (in-principle) full-stack payment aggregator, launches a first-of-its-kind multi-purpose virtual prepaid card for fleet operators to manage and control all possible fleet expenses under a single platform. The innovative prepaid card provides the fleet industry with increased flexibility, efficiency, and automation to simplify and accelerate company payments. 1Pay is also the only payment aggregator that aims to create a Neo Banking Platform to digitally unify the unorganized Logi-Fintech space by bringing transportation, logistics, and the banking industry on one platform.
How does the 1Pay prepaid card work?
1Pay’s virtual card works the same as any other debit or credit card but has additional benefits. To apply, fleet owners and managers need to first download the 1Pay’s 1Move app from the play store. Through their AI-enabled systems, 1Pay does secure and fully digital e-KYC verification via video. Once this is done, fleet managers can start using the prepaid card that provides real-time visibility of the overall expenses, and track and control drivers’ on-road expenses. As a result, they can have better control over fleet operations and are protected against any fraud or unusual transactions.
Fleet owners can use the prepaid card to pay their drivers instantly from the 1Move corporate account to their personalised prepaid card, allowing quick and easy access to funds.
From fuelling the vehicle to servicing/repairing it, and from paying the tolls to parking the vehicles, this virtual card can be used for all payments incurred during the journey.
Moreover, the card provides fleet operators access to all its driver’s cards online, including the ability to load and withdraw funds from cards, set card limits, enable or disable transactions on different card channels (online, physical stores, ATM) and can activate and deactivate cards. Additionally, they can even pre-authorize trip itineraries, track travel expenses as they occur, approve travel claims, implement travel policies, and view travel spending analytics from a single cloud-based platform.
Speaking about the launch, Sanjiv Shah, Co-Founder of 1Pay said, “At 1Pay, our aim is to provide fleet operators and transporters with effective and efficient, easy-to-use financial solutions. This virtual prepaid card is a step towards building the product stack for them and offering better finance managing solutions. We also hope this product will further strengthen our market position in India and we continue to build and provide more value to our customers.”
Oomkar Kulkarnie, Head – Product & Technology, “We focus on developing innovative solutions for unorganised sectors by utilising cutting-edge product approaches and seamless payment processing capabilities. Apart from directly benefiting fleet owners, the new prepaid card solution will also benefit stakeholders such as fleet aggregators, telematics companies, and fintech associated with the fleet industry by allowing them to add a layer of payments across their offerings. With this, we hope to provide greater business value with our new offering.”
1Pay is a Fintech startup and an RBI-approved (in-principle) full-stack payment aggregator offering effectiveness, efficiency, and excellence to all financial processes including routine transactions and value-added merchant services. They are also the only payment aggregator that aims to create a Neo Banking Platform to digitally unify the unorganized Logi-Fintech space by bringing transportation, logistics, and the banking industry on one platform.
Founded in 2019, today 1Pay has two streams of business – a payment suite for banks and merchants and an app for end-to-end management of transportation and logistics businesses. The startup offers payment solutions to Logistics, OEM Suppliers, OMC/Fuel Distributors, and FASTag issuers and builds customized payment solutions for industries like education, SME, manufacturing, and others.
Through their state-of-the-art product approach and seamless payment processing abilities they build innovative solutions for unorganized sectors and offer services like Vendor payout systems, B2B invoice collection systems, customized bill payment, banking and insurance, universal trip expense management system, and BBPS to transporters and merchants.
Currently, the company has an annualized GTV (Gross Transaction Value) of INR 8500cr plus and an annualized transaction volume of over 30 million.
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