OmniCard Flexi Benefits Basket on UPI: Key Points
Why in the news
A fintech firm brought employee flexible-benefit spending onto the UPI network.
Key facts
- Product: Flexi Benefits Basket on UPI, offered by OmniCard.
- Purpose: tax-efficient employee benefits.
- Spending categories: meals, fuel, telecom, books, gadgets and other eligible heads.
- Reach: nearly 60 million UPI merchants.
- Control: Merchant Category Code (MCC) rules limit where money can be spent.
- Licence: built on an RBI-licensed Prepaid Payment Instrument (PPI).
Exam angle
- Abbreviations: MCC, PPI, UPI.
- Regulator of PPIs: RBI.
- Company: OmniCard.