Mumbai, Aug 17: Paramotor Digital Technology Limited, a financial technology company focused on consumer spend management, rewards, loyalty platform and digital gifting, today announced a co-branded partnership agreement with NSDL Payments Bank Limited.
The agreement will enable the issuance of co-branded prepaid cards across India and is expected to strengthen Paramotor’s SpendPro, Yayyy.shop, and RewardOn platform.
The co-branded agreement will support the expansion of Paramotor’s business, strengthening its capabilities across consumer spend management, digital gifting and rewards and loyalty offerings.
The agreement is expected to strengthen Paramotor’s value proposition and enable it to offer diverse, industry-specific prepaid card programmes for enterprises and consumers across a wide range of use cases.
The partnership will also leverage NSDL Payments Bank’s prepaid card issuance services, regulatory framework, and banking infrastructure to support the launch of secure, RBI-compliant prepaid payment solutions across payment networks.
Rahul Anand, Promoter and Managing Director, Paramotor Digital Technology Limited, said,
“This agreement represents a milestone in Paramotor’s journey and is expected to strengthen all our vertically integrated platforms. By bringing together our technology capabilities with NSDL Payments Bank’s trusted banking infrastructure, we are enhancing our proposition that enables businesses to launch secure, compliant, and scalable payment solutions while reducing the time and effort required for ground-up development and implementation for businesses.”
For NSDL Payments Bank, this arrangement reflects a commitment to making innovative prepaid payment solutions more accessible through a trusted partnership. By combining our banking infrastructure with Paramotor’s technology capabilities, we aim to help businesses offer secure and customised prepaid card programmes that deliver a seamless payment experience for their customers.
The partnership agreement reflects both organisations’ commitment to advancing financial inclusion and enabling enterprises to deliver seamless payment experiences through a technology-led architecture.