1Pay, a Fintech startup and an RBI-approved (in theory) full-stack payment aggregator, introduces a first-of-its-kind multi-purpose virtual prepaid card for fleet operators to manage and control all potential fleet expenses through a single platform.The innovative prepaid card provides the fleet industry with increased flexibility, efficiency, and automation to simplify and accelerate company payments. 1Pay is also the only payment aggregator that aims to create a Neo Banking Platform to digitally unify the unorganised Logi-Fintech space by bringing transportation, logistics, and the banking industry onto one platform.
One of the most difficult tasks for a fleet manager is budget control. With the rising cost of fuel and other services, they are always under immense 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 seek trip advances, have trip itineraries pre-approved by management, book trips, and file trip expenses digitally while on the move. 1Pay’s virtual card works the same as any other debit or credit card but has additional benefits. To apply, fleet owners and managers need to first download 1Pay’s 1Move app from the Play Store. Through their AI-enabled systems, 1Pay does secure and fully digital e-KYC verification via video. Once this is done, fleet managers can start using the prepaid card, which provides real-time visibility of the overall expenses, to track and control drivers’ on-road expenses. As a result, they have better control over fleet operations and are protected against any fraud or unusual transactions.
Fleet owners can use the prepaid card to pay their drivers instantly from the 1Move corporate account to their personalised prepaid card, allowing quick and easy access to funds. From fueling the vehicle to servicing/repairing it, and from paying the tolls to parking the vehicles, this virtual card can be used for all payments incurred during the journey. Moreover, the card provides fleet operators access to all their drivers’ cards online, including the ability to load and withdraw funds from cards, set card limits, enable or disable transactions on different card channels (online, physical stores, ATM), and activate and deactivate cards. Additionally, they can even pre-authorize trip itineraries, track travel expenses as they occur, approve travel claims, implement travel policies, and view travel spending analytics from a single cloud-based platform.
Speaking about the launch, Sanjiv Shah, Co-Founder of 1Pay, said, “At 1Pay, our aim is to provide fleet operators and transporters with effective and efficient, easy-to-use financial solutions. This virtual prepaid card is a step towards building the product stack for them and offering better finance management solutions. We also hope this product will further strengthen our market position in India, and we will continue to build and provide more value to our customers.” Omkar Kulkarnie, Head – Product and Technology, said, “We focus on developing innovative solutions for unorganised sectors by utilising 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 fintech companies associated with the fleet industry by allowing them to add a layer of payments across their offerings. With this, we hope to provide greater business value with our new offering.”