Zaggle Partners with Mastercard to Launch Co-Branded Domestic Prepaid Cards

24 Sep 2025 , 11:07 AM

Shares of Zaggle Prepaid Ocean Services Ltd surged over 5% on Tuesday following an announcement that the company has entered into an agreement with Mastercard Asia Pacific Pte. Ltd to launch and promote co-branded domestic prepaid cards.

The agreement, effective September 22, 2025, will remain valid until September 30, 2030, according to the company’s filing. Under the terms, Mastercard will incentivise Zaggle to drive adoption and usage of the co-branded cards.

The contract is structured as a Customer Business Agreement and is not related to promoter or group entities, nor does it fall under related-party arrangements.

The collaboration aims to strengthen Zaggle’s presence in the domestic prepaid card market, leveraging Mastercard’s global expertise and network, while broadening access to digital payment solutions in India.

Earlier, on Monday, AU Small Finance Bank (AU SFB) partnered with Zaggle to introduce a new range of co-branded retail credit and prepaid cards, featuring Third-Party Application Provider (TPAP) integration and an AI-driven recommendation engine to enhance the retail cardholder experience.

The collaboration also targets corporate clients, with AU SFB providing underwriting support and Zaggle leveraging its enterprise network to onboard eligible businesses. Corporate customers will also gain access to Zaggle’s Zatix SaaS platform.

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