LEO1, a Edu-fintech startup, in collaboration with NSDL Payments Bank, has launched a Prepaid ID card for students and educational institutions with MasterCard as network partner. The Prepaid student card is designed with the aim to provide educational institutes and students with a streamlined and cost-effective payment solution, as per the release.
The Prepaid card is an approach to digitising the financial ecosystem in educational institutes across India and creating cash-free campuses. With the LEO1 card, parents will be able to send money digitally and monitor category-wise usage of the card and overall spending. Students will be able to use it effortlessly to tap and pay institute fees, make payments effortlessly at any retail outlets that use POS terminals, pay online payments just like any other debit card, withdraw cash, if necessary, from an ATM, and also use it as a student ID card, as detailed in the release.