India’s PayCraft to Launch New Corporate Transit Card

Indian payments company PayCraft Solutions is set to roll out a line of corporate prepaid transit cards tied to the country’s National Common Mobility Card (NCMC) specifications, The Hindu reported Monday (May 9). The company is also debuting an expense management platform that can also be used for transit.

India’s Ministry of Finance launched the NCMC in March 2020 with the tagline “One Nation One Card.” The goal was to create a card that could be used at all transit locations.

Read more: Commuters in India Will Soon Need Only One Transport Payment Card

PayCraft said its card will come with multi-wallet features that let businesses manage employee reimbursements across tax benefit and expense wallet categories, per the report.

“This card is a one-stop, end-to-end payment solution specially designed for corporates to make their payments/disbursement experience simpler and faster,” said PayCraft Chief Experience Officer Ambarish Parekh in the report. “It can be used for making corporate expenses, at ATMs, [point of sale (POS)], for eCommerce, retail transactions and offline transactions too with transit travel enabled on the card.”

The cards are set to be launched by July across India, and PayCraft said it hopes to have them in the hands of 500,000 workers in the next three years, according to the report. This coincides with the Indian government’s effort to digitize the parts of the country with poor connectivity or a lack of connectivity at merchant outlets.

“This will allow small-ticket-size payments to be made seamlessly at merchant outlets with poor or no internet connectivity,” Parekh said, per the report. “This will further empower consumers and push digital payments in these areas.”

Last year, India’s Paytm Payments Bank debuted an all-in-one transit card that people in the country can use to pay for buses, trains, tolls, parking and other transit and travel expenses. That rollout, like PayCraft’s, is in line with the NCMC and the One Nation, One Card initiative.

See more: Paytm Launches All-in-One Transit Card

The Paytm Transit Card can be linked to the Paytm Wallet, which can be used for several transactions on any given day, such as online and in-store purchases or ATM cash withdrawals.