Yeldi Softcom: First time in India, a Chennai based Financial Technology company launches a prepaid wallet with perennial loyalty program.

Posted by: at 2/24/2017 11:16:00 pm

Chennai, 27th Feb: Yeldi Softcom Pvt Ltd launched the Yeldi Folks, Tap and Pay prepaid card in June, 2016. This is the first of its kind, in the world to offer a schematic perennial incentive programme for its users. The incentive feature is termed Yeldi Recash. Yeldi Recash as quoted by the Chennai based company is the King of Cashbacks, offering up to a whopping 35% on the spends. The great thing about Yeldi Recash however is, it’s not always instant. The Yeldi Recash is collected in the customer’s own escrow account of Axis bank, just like a locker and is credited back to the Yeldi Folks wallet. Since the Recash generally holds a 3 digit value on a 4 digit spend, it acts like a savings scheme for customers. The best part is further spend of this Yeldi Recash can in turn make you up to 35%. This is a ongoing process. When asked about the Yeldi Recash concept and why its special, Mr. Ra. Arjunamurthy the founder and chairman of Yeldi Softcom explains, “I don’t believe in one time cashback or first time offers, such products happen to be merely a onetime thing and really doesn’t add value on the longer run to customers. I personally wanted to offer customer a valid reason to spend through a wallet every single time and give him perennial benefits. This is why we came up with the Yeldi Recash. When a customer starts to spend using only Yeldi Folks wallet all his monthly expenses from groceries, salon, restaurants and many others, what happens is: his savings account is open from his spending. This amount is then credited on 27th of every month, making it like a second pay check, which can be reused at any store. So the way we designed it at the Yeldi Labs is, Yeldi Folks will not just offer a tab on monthly spend, (the maximum load is Rs. 20,000/- as per RBI guidelines) but it’s also a saving programme for our customers”. The team completed their pilot successfully and launched its full-fledged operations in the beginning of 2017 and engaging public and customers in creating a new style and trend-set in the market. The Yeldi team involves their merchants as their business partners and offer them an array of services and even make visibility on their App and Web Portal. Beyond all this, they conduct interesting contests on social media and offer some cool freebies that make registering for a Yeldi Folks card irresistible. In addition to being in the card form factor, making this wallet a miniature bank account they also have an app on both android and iOS which offers services like recharge, pay bills, transfer funds, watch ads – earn cash etc. The team also believes in giving value of many folds to its customers, merchants, alliances etc. A definite company to watch in the era of growth in Financial Technology.
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