Zaggle gains 5% on inking prepaid card agreement with Mastercard

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

According to the company’s filing, the agreement came into effect on September 22, 2025, and will remain valid until September 30, 2030.

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, aimed at expanding Zaggle’s offerings in the domestic prepaid card segment. The company clarified that the transaction is not related to promoter or group entities and does not fall under related-party arrangements.

The move is expected to strengthen Zaggle’s position in the prepaid card market by leveraging Mastercard’s global expertise and network, while also broadening customer access to digital payment solutions in India.

Shares of the company opened at ₹359.05 on the BSE on Tuesday, higher than the previous close of ₹354.90. During the session, the stock rose 5.2% to touch an intraday high of ₹373.40, while the day’s low stood at ₹359.05.

On Monday, AU Small Finance Bank (AU SFB) forged a strategic alliance with Zaggle Prepaid Ocean Services to introduce a new range of co-branded retail credit and prepaid cards.

The offering will feature Third-Party Application Provider (TPAP) integration and an AI-driven recommendation engine designed to enhance the retail cardholder experience.

The collaboration will also cater to corporate clients, with AU SFB extending underwriting support while Zaggle taps into its enterprise network to onboard eligible businesses. Additionally, corporate customers will benefit from access to Zaggle’s Zatix SaaS platform.

Shares of Zaggle were trading at ₹ 367.35 on the BSE, up 3.51% from the previous closing level.

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