YES Bank, a prominent financial institution in India, has taken a significant leap forward in the digital commerce space by introducing the ONDC Network Gift Card. This move makes YES Bank the first bank in the country to issue such a card. In partnership with the Open Network for Digital Commerce (ONDC), this initiative aims to transform the shopping experience for Indian consumers.
Democratising Digital Commerce
The ONDC Network Gift Card is at the forefront of democratizing digital commerce. Unlike traditional gift cards that restrict usage to a specific brand or store, this concept empowers customers to utilize the gift card for purchasing products from any brand and any seller across a wide array of segments. This includes food, fashion, handicrafts, electronics, home essentials, health, and wellbeing. This groundbreaking approach eliminates the limitations that have traditionally been associated with gift cards and offers consumers unparalleled freedom of choice.
Sponsorship and Utilization
One of the most exciting aspects of the ONDC Network Gift Card is its openness to sponsorship and utilization by both corporate and individual customers. This flexibility allows businesses to extend thoughtful gestures to their customers and employees, while individuals can use the card for gifting to their loved ones. Whether it’s a special occasion or a token of appreciation, this card provides a versatile and meaningful way to express goodwill and gratitude.
Leveraging the Rupay Network
The ONDC Network Gift Card leverages the Rupay network, which is a homegrown payment system in India. Rupay has gained popularity for its reliability and affordability, making it a preferred choice for digital transactions. By using Rupay, YES Bank ensures that the ONDC Network Gift Card is accessible to a wide range of users across the country.
Flexible Load Limit
To accommodate a variety of spending needs, the ONDC Network Gift Card offers flexibility in terms of the load limit. Customers can load amounts ranging up to Rs 10,000 onto the card. This adaptability makes it suitable for various shopping budgets, from small purchases to more substantial shopping sprees.
A Boost for the Festive Season
Ajay Rajan, Country Head – Digital & Transaction Banking at YES BANK, commented on the launch of the ONDC Network Gift Card, stating, “With the launch of the ONDC Network Gift Card, customers can enjoy an unrestricted shopping experience during the ongoing festive season.” The card is poised to become a preferred choice for gifting and shopping, enhancing the festive spirit for all.