Fintech firm NeoFinity launches payment tag for Gen Z and millennials

NeoZAP aims to enhance the payment experience with tap-and-pay convenience. 

By CNBCTV18.com June 16, 2024, 12:31:55 AM IST (Published)

NeoFinity, the fintech division of Neo Group, has introduced NeoZAP, a new payment tag tailored for India’s tech-savvy Gen Z and millennial audience.

NeoZAP aims to enhance the payment experience with tap-and-pay convenience.

The product is compatible with over 40 million card machines and integrates with nationwide public transport systems.

Key Features of NeoZAP:

Contactless Tap-and-Pay: Enabled by RuPay, NeoZAP allows secure, contactless transactions up to ₹1 lakh at numerous locations across India.

NCMC Compatibility: NeoZAP functions as a metro and bus ticket, simplifying travel by eliminating the need for multiple tokens and tickets.

Virtual Card: A virtual card for online transactions, accessible through the NeoZAP app, provides added security by not exposing bank account details.

Rewards Program: Users can get perks like movie tickets from PVR Inox and Times Prime Lite subscriptions, with rewards valued up to ₹60,000.

Security Features: NeoZAP incorporates an 8-point security system, including a numberless design, secured NFC transactions, and instant card blocking.

It is the first prepaid card in India to offer transaction insurance through HDFC Ergo.

Rayan Malhotra, CEO of NeoFinity, stated, “NeoZAP marks a new era in how we approach payments in India. We believe NeoZAP will make day-to-day transactions safer and more enjoyable.”

Malhotra added, “NeoZAP provides a seamless payment solution that addresses the needs of today’s tech-savvy, mobile-first consumers.”

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