Singapore-based neo-banking startup Stashfin has partnered with Visa to launch co-branded prepaid cards with credit lines, amid a growing propensity towards digital payments.
The cards can be used at both physical merchant locations and ATMs as well as in online modes where Visa is accepted, underscoring the US-based card network's strategy to increase its share in the rapidly digitising South Asian market through fintech tie-ups.
“We are sitting on a unique opportunity to enable millions of consumers to get closer to their dreams and improve financial inclusion. South Asia is on the cusp of a financial revolution. Our mission is to fuel the aspirations of customers through frictionless banking services with the help of technology,” said founder Tushar Aggarwal.
The prepaid card acts like a personal overdraft facility, allowing customers to take loans with ticket-size between Rs 25,000 and Rs 3 lakh, based on their credit profile.
Stashfin hopes to tap into customers who are on the lookout for festive shopping discounts, helping them convert their purchases into easy EMIs using their credit line cards.