LEO1, a prominent Edu-fintech business, has launched India’s first limitless prepaid student ID card in collaboration with NSDL Payments Bank and Mastercard as part of its Financial SAAS for Educational Institutions. This revolutionary card functions as both a secure prepaid card and a student ID card, representing a significant step toward digitizing financial transactions in educational institutions, encouraging responsible behavior, and supporting cashless campuses. This strategic agreement demonstrates LEO1’s persistent dedication to financial innovation, inclusivity, and digital empowerment in education.
The debut event in Mumbai was met with tremendous expectations as the card was introduced by Rohit Sharma, the Indian cricket team’s captain, and a prominent assemblage of officials from LEO1, Mastercard, and NSDL Payments Bank.
Powered by Mastercard, the new card will provide students with a safe and secure payment experience, adding to LEO1, Mastercard, and NSDL Payments Bank’s common aim of promoting the digitization of financial transactions at educational institutions.
LEO1’s comprehensive Financial SAAS platform transforms educational institutions’ financial operations by enabling simplified fee collection, increased transparency, and real-time insights. Institutions who use LEO1’s Financial SAAS receive access to a variety of modules geared to improve fee collection operations and financial transparency, allowing them to make better informed financial decisions and manage their finances more efficiently and transparently.
LEO1’s integrated system includes a variety of modules to improve the overall student experience. The Rewards Module actively engages and motivates students by implementing a dynamic rewards system that uses LEO1 Coins to incentivize on-time fee payments. The Smart ID Card Module provides multifunctional smart ID cards that serve as useful tools for students by combining access control, identity, and financial transactions into a single, convenient solution. Simultaneously, the Fee Management Module streamlines and automates fee-related operations, ensuring a smooth experience for students and schools. Complementing these characteristics, the Financial Literacy Module provides students with critical financial knowledge through instructional content and tools, resulting in a better comprehension of financial concepts.
The LEO1 card is a game changer for parents, allowing them to send money digitally, track category-specific usage, and manage total spending. It enables students to conduct seamless transactions, such as tap-and-pay for institute fees, retail purchases, internet transactions, and ATM withdrawals, while serving as a versatile 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.”
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