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India’s First Limitless Prepaid Student ID Card introduced by LEO1

New Delhi: LEO1, a leading Edu-fintech company, has unveiled India’s inaugural limitless prepaid student ID card, developed in partnership with NSDL Payments Bank and Mastercard. This groundbreaking card, an integral part of its Financial SAAS for Educational Institutions, combines the functionalities of a secure prepaid card and a student ID card. Its launch marks a significant milestone in the digitization of financial transactions within educational institutions, promoting responsible financial behavior and fostering cashless campuses. This strategic alliance underscores LEO1’s unwavering commitment to financial innovation, inclusivity, and digital empowerment in the education sector.

The inauguration event, held in Mumbai, witnessed the introduction of the card by Rohit Sharma, captain of the Indian cricket team, alongside key representatives from LEO1, Mastercard, and NSDL Payments Bank. LEO1’s co-branded solution, in collaboration with Mastercard, aims to empower students nationwide with financial independence. Conceived by Debi Prasad Baral, Rohit Gajbhiye, and Naveesh Reddy, this innovative offering is set to revolutionize education on a large scale, with over 13,000 institutions and 3.5 million students already on their platform. With the backing of Rohit Sharma’s investment, the future appears promising for this transformative firm.

The newly introduced card, powered by Mastercard, ensures a secure and seamless payment experience for students, aligning with the shared goal of LEO1, Mastercard, and NSDL Payments Bank to advance the digitization of financial transactions in educational settings.

LEO1’s comprehensive Financial SAAS platform revolutionizes the financial operations of educational institutions, facilitating simplified fee collection, enhanced transparency, and real-time insights. Institutions utilizing LEO1’s Financial SAAS gain access to various modules designed to optimize fee collection processes and financial transparency, enabling them to make well-informed financial decisions and manage finances more efficiently.

Integrated within LEO1’s system are modules aimed at enhancing the overall student experience. The Rewards Module incentivizes timely fee payments through a dynamic rewards system utilizing LEO1 Coins. The Smart ID Card Module offers multifunctional smart ID cards, combining access control, identity verification, and financial transactions into a single, convenient solution. Additionally, the Fee Management Module automates fee-related operations, ensuring a seamless experience for students and institutions. Complementing these features, the Financial Literacy Module provides students with essential financial knowledge through instructional content and tools, enhancing their understanding of financial concepts.

Rohit Gajbhiye, Founder & MD of LEO1, envisions a future where technology revolutionizes education, stating, “LEO1 envisions a future where technology transforms education. By integrating finance seamlessly into the educational experience, we’re doing more than just enabling fee payments – we’re fundamentally transforming lives. It’s not merely a matter of transactions; it’s about empowering futures. With partners like NSDL Payments Bank and Mastercard, we empower institutions and students for a brighter tomorrow.”

The LEO1 card represents a significant advancement for parents, enabling digital money transfers, monitoring category-specific spending, and managing overall expenses. For students, it facilitates seamless transactions such as tap-and-pay for institute fees, retail purchases, online transactions, and ATM withdrawals, while also serving as a versatile student ID card. 

Tags: BFSI