Page 24 - Banking Fiannce March 2018

PRESS RELEASE

Rubique Launches Rubique Prepaid Card

Underlining its efforts to streamline and enable secure pay- ecosystem into the umbrella of financial inclusion and
outs and disbursements to its network of partners, moving towards a digital and cashless economy.
distributors and individuals in the country, India's largest Manav Jeet, Managing Director & CEO of Rubique said,
online marketplace for financial services, Rubique in "India's economy is quickly evolving towards the digital
partnership with MatchMove India, has announced the platform. The new wave of fintech companies not only
launch of the Rubique Prepaid Card - a new age cashless question the traditional business practices but it is also the
solution which will facilitate payouts, working capital key driving force in changing the current landscape.
support, rewards & recognition benefits to its Business Rubique being a leading fintech player would like to adopt
Associate network. The prepaid card will be linked to the and implement digital practices across all our functions and
e-wallet enabling users to transact just as they transact with processes. Keeping this in mind, we have chosen to
any other debit card. collaborate with MatchMove to ease our payment process
MatchMove is one of Asia's fastest growing and most to our key channel partners who are our business associates.
disruptive fintech companies. It's globally proven Bank Our cashless payout processes are now seamlessly
Wallet Operating System will enable Rubique to pay integrated and this is a vital benefit in supporting the
commissions, incentives and cashbacks to its retailers and working capital of these budding entrepreneurs."
distributors securely with just one click. This further eases Users can use Rubique card to withdraw any amount
Rubique's current payment procedures and fund available in the card through an ATM or any MasterCard
disbursements to multiple recipients. enabled online and offline channels.
The card, developed specifically for the Business Associate Kumar Srinivasan, CEO of MatchMove India and Global Head
network, is a physical prepaid card that once activated can of Product and Technology, said: "The addition of Rubique
be swiped at any offline POS merchants & for online to our proprietary platform is a testament of our capabilities
shopping without any restrictions. Users do not need to in using technologies to solve yet another real world
have a specific bank account to avail this card, all card problem in payments as we continue to disrupt and wage
related operations are handled by the Rubique Team war on cash. While MatchMove has already proven how
granting them a seamless experience. The card will also the unbanked and uncarded population is able to shop
allow them to avail to other services like bill payments, online and pay digitally, this collaboration with Rubique
booking, etc. demonstrates how we are able to cut the complexities in
bulk payments to become a quick and simple one for
However, unlike a debit card, Rubique card is not linked to businesses. Our unique Spend, Send, Lend™ continues to
a bank account. Hence when partners are using a Rubique
prove itself its value in the market."
card, they are spending money that is pre-loaded on the
MatchMove's platform also helps Rubique in reducing
card. This provides better control on spends with no chance
of getting into a debt or risk of damaging credit. Rubique business costs and better managing and tracking the
performance of its resale channels. A streamlined pay out
card allows users to load money on to the wallet using UPI,
disbursement process means that these business associates
Debit Card & Net Banking providing the flexibility to use
are now able to track their finances. For Rubique, the new
multiple bank accounts linked to one card.
process also translates into improved work efficiency and
Partners can also avail loans on the card. Rubique facilitates productivity.
a pre-loaded line of credit on the card to fulfill user's working
To date, Rubique has processed approximately 100,000
capital requirements. The same will reflect on the wallet
applications, disbursed US$345 million worth of loans and
as and when the customer is eligible for the loan.
signed up about 65,000 cards across 80+ financial
The announcement comes at a time when India's financial institutions. Rubique's business has seen a fourfold increase
institutions and infrastructures are expanding its reach even year on year and it plans to increase its footprint from 27
to the remotest corners in the country, enabling the entire to 100 cities next year.

24 | 2018 | MARCH | BANKING FINANCE