Pepper Money Dreams Card will offer rewards on renowned regional brands like SkyLords, Big Daddy, Oaksland, Kareem’s and many others
The card will also offer one percent cash back on every transaction
The Mumbai based fintech will expand in 10 emerging cities of India over the next 12 months with its prepaid product and onboard nearly 1 million customers
TIL Desk Lucknow/ Lucknow, known for its Awadhi cuisine and the famous Geographical Indication (GI) tagged Chikan embroidery work, has become one of the first cities in India to have its own prepaid card curated to reward customers on their day to day spends at popular brands.
Pepper Money India, a fintech focused on creating intuitive personal finance products for consumers in emerging cities, such as Lucknow, has launched its first product – a RuPay-powered prepaid ‘Dreams Card’. SkyLords, a city favourite restaurant, is among the initial few brands to come on board and offer rewards on transactions carried out using the Pepper Money Dreams Card. More than 100 other renowned brands from Lucknow, including Big Daddy, Oaksland, and Kareem’s have joined the fintech’s reward programme.
Pepper Money India, part of the Global consumer finance company, Pepper Group, has partnered with the National Payments Corporation of India (NPCI) and Pine Labs to launch the co-branded prepaid card. Through this partnership, Pepper Money India will offer its cardholders the benefits of RuPay’s robust network, payment, and settlement infrastructure. In addition to regional offers, the card will entitle users to receive flat one percent cashback on every transaction.
Tier 2 and beyond cities have a comparatively lower credit card penetration as compared to Tier 1. This translates to users in these emerging markets missing out on rewards programs, which are primarily provided along with credit cards.
To bridge this gap, Pepper Money is onboarding popular regional brands that are usually not a part of credit card reward programs and where consumers transact frequently. The fintech allows hyperlocal brands across fashion, restaurants, travel, consumer electronics, health, and personal care among others to become a part of its rewards program thereby driving increased adoption of its offering.
Abhishek Kothari, CEO of Pepper Money India said, “While there has been a significant surge in the adoption of digitalization in India, emerging cities, despite offering a massive growth opportunity driven by aspirational young population, remain underserved by large financial institutions. Our Pepper Money Dreams Card brings in the element of hyper-localization by creating a two-sided ecosystem with consumers on one hand and local merchants on the other. We are excited to address the need for intuitive personal finance products for fellow Indians in emerging cities.”
After Lucknow and Indore, Pepper Money will take its proposition to other emerging cities and create an ecosystem of nearly one million customers over the next 12-15 months.
About Pepper Money
Pepper Money is a Global consumer finance company with a mission to serve the underserved. It is headquartered in Singapore and has offices in India, South Korea, Australia, Spain, and the United Kingdom.
Pepper Money’s mission in India is to bring a trusted modern financial services experience to the emerging and diverse population. The company aims to build a technology-first business with a high focus on building a strong consumer community.
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