Fintech Startup 1Pay unveils next-generation virtual prepaid card for fleet management

One of the most difficult tasks for a fleet manager is budget control. With the rising costs of fuel and other services, they are always under enormous pressure to find cost-effective solutions. 1Pay’s Virtual Prepaid Card is an all-in-one Fleet Expense Management solution that enables drivers to easily apply for trip advances, get management pre-approved itineraries, book trips and digitally record travel expenses on the go.

How do 1Pay prepaid cards work?

1Pay’s virtual card works in the same way as any other debit or credit card, but has additional benefits. To apply, fleet owners and managers must first download 1Pay’s 1Move app from the play store. Through their AI-enabled systems, 1Pay enables secure and fully digital e-KYC verification via video. Once this is done, fleet managers can start using the pre-paid card that provides real-time visibility of total expenses, and track and control drivers’ expenses on the road. As a result, they can have better control over fleet operations and are protected against fraud or unusual transactions.

Key Features/Benefits

Fleet owners can use the prepaid card to pay their drivers instantly from their 1Move business account to their personal prepaid card, providing quick and easy access to funds.

From refueling the vehicle to service/repair, and from paying tolls to parking the vehicles, this virtual card can be used for all payments incurred during the journey.

The card also gives fleet operators access to all their driver cards online, including the ability to load and withdraw money from cards, set card limits, activate or deactivate transactions on different card channels (online, physical stores, ATM) and can activate and deactivate cards. In addition, they can even pre-approve travel itineraries, track travel expenses as they occur, approve travel claims, implement travel policies and view travel cost analytics from a single cloud-based platform.

Speaking of the launch, Sanjiv Shah, Co-Founder of 1Pay so, “At 1Pay, our goal is to provide fleet operators and carriers with efficient and effective, user-friendly financial solutions. This virtual prepaid card is a step towards building their product stack and offering better financial management solutions. We also hope that this product will further strengthen our market position in India and we continue to build and provide more value to our customers.”

Oomkar Kulkarnie, Head – Product and Technology“We focus on developing innovative solutions for unorganized sectors using cutting-edge product approaches and seamless payment processing capabilities. Apart from directly benefiting fleet owners, the new prepaid card solution will also benefit stakeholders such as fleet aggregators, telematics companies and fleet industry fintech by allowing them to add a layer of payments across their offerings. With this, we hope to provide greater business value with our new offer.”

About 1Pay:

1Pay is a Fintech startup and an RBI-approved (in principle) full-stack payment aggregator that offers efficiency, effectiveness and excellence to all financial processes, including routine transactions and value-added merchant services. They are also the only payment aggregator aiming to create a Neo Banking platform to digitally unify the unorganized Logi-Fintech space by bringing the transportation, logistics and banking industries on one platform.

Founded in 2019, 1Pay today has two business streams – a payment package for banks and merchants and an app for end-to-end management of transport and logistics companies. The startup offers payment solutions to logistics, OEM suppliers, OMC/Fuel Distributors and FASTag issuers and builds customized payment solutions for industries such as education, SMEs, manufacturing and others.

Through their state-of-the-art product approach and seamless payment processing capabilities, they build innovative solutions for unorganized sectors and offer services such as vendor payment systems, B2B invoice collection systems, customized bill payment, banking and insurance, universal travel expense management system, and BBPS to carriers and merchants.

Currently, the company has an annualized GTV (Gross Transaction Value) of INR 8500cr plus and an annualized transaction volume of over 30 million.