December 14, 2022

Fintech startup from the first COHORT, HookoluPay, launched its Prepaid Debit Card at the India International Trade Fair 2022 in New Delhi last month. Founder, Aziz Ali, introduced the card in the presence of Shri Rajeev Chandra Joshi, IAS, Principal Resident Commissioner, Government of Assam, Assam Bhawan, along with the DICC team. The Minister of Industries, Commerce and Public Enterprise, Government of Assam, Shri Bimal Borah, also encouraged and gave a shout-out to the startup during his visit to the Assam Pavilion at the Fair.

A prepaid debit card provides an alternative to a bank account. One can load money on the card and then use it at the ATMs like regular debit cards to withdraw money or make both online and offline purchases from merchant stores. The card is especially a boon for those not having bank accounts, while still making digital payments possible. HookoluPay has collaborated with YES BANK to materialize the card execution.

Aziz came up with the idea of a prepaid debit card, especially for the tea workers of the state, who receive their wages in cash even today. The card would enable cashless wage payments, much to the convenience of the payers and the payees alike. HookoluPay also plans to target students and minors who either don’t hold bank accounts or do not have access to their bank accounts. The card could further be a boon for corporates, enabling transparency of operational expenditures.

HookoluPay is also planning to introduce a payment service without an internet connection through interactive voice response (IVR).