Karbon Launches Prepaid Card to disrupt Corporate Spending, Remains Unaffected from RBI BPSP diktat
Karbon poised for unprecedented growth in India's INR 10,000 crore-plus Corporate Card Industry
Karbon, a leading fintech firm offering B2B payments solutions, has announced the launch of its latest innovation in Corporate Prepaid cards designed to meet the evolving needs of businesses amidst changing regulatory landscapes.
Called as Karbon Corporate Prepaid Card, the product aims to disrupt and redefine corporate spending dynamics.
Responding to the recent 2023 RBI reKYC (Know your customer) mandate affecting the customers, Karbon recognized an opportunity to revolutionize the industry. With the transition to corporate debit and personal cards for business expenses, Karbon seized the moment to introduce a game-changing solution. The Karbon Corporate Prepaid Card empowers businesses to optimize spending, ensuring greater savings without compromising efficiency.
Setting a new standard in corporate expense management, the Karbon Corporate Prepaid Card offers a host of unparalleled features, including a flat 1 % cashback on every swipe, and add-on cards with flexible options for issuing cards to teams and individual team members as needed, facilitating seamless expense management.
With reference to RBI’s Press Release 2023-2024/1885 issued on 15th February, 2024 on Business Payment Service Providers (BPSP) Payments, Karbon clarifies its stance, affirming that it neither engages in nor facilitates vendor payment services through its banking partners or product offerings. As such, this directive has no bearing on Karbon or any of its products.
In light of RBI’s mandate on recurring international transactions, Karbon partnered with IDFC and Yes Bank to launch ‘Karbon Forex.’ This integrated solution facilitates and streamlines both inbound and outbound remittances, demonstrating Karbon’s commitment to reliable, compliant, and efficient forex services.
Looking ahead into 2024, Karbon is poised for unprecedented growth in India’s INR 10,000 crore-plus Corporate Card Industry and the USD 80 Billion-plus Foreign Remittance Industry. With a steadfast focus on innovation and customer-centricity, Karbon continues to reshape the fintech landscape, delivering unparalleled value to businesses across the nation.
About Karbon:
Karbon is a leading fintech company headquartered in Bangalore, India, dedicated to revolutionizing financial services through innovation and technology. With a commitment to empowering businesses and individuals, Karbon leverages cutting-edge solutions to drive financial inclusion and prosperity.
