The card, introduced in partnership with Federal Bank and based on the VISA network, can be used in over 150 countries across a million merchants, enabling users to access transactions in real-time within the Scapia app.
“Scapia aims to rewrite the narrative by offering 10% rewards on every transaction, minting these rewards into Scapia coins,” the company said in a statement. “These coins then become your ticket to the world, redeemable for flights and hotel stays across the globe, with a user-friendly, one-click redemption on the Scapia app.”
The card also offers travel benefits like zero forex markup, unlimited domestic lounge access with zero joining and annual fees.
“Scapia is more than a credit card. It’s a commitment to making travel accessible for everyone who dreams of seeing the world. It’s a new way to reward young Indian travellers,” Goteti, who was earlier a senior vice president at Flipkart, said.
Scapia, which has been in stealth mode for over a year, is Goteti’s second independent foray in the startup space. ET in January 2022 reported that Goteti’s earlier venture, Protonn, shut its business and returned over $9 million to investors, which included the likes of Matrix Partners and Flipkart cofounder Binny Bansal.
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Goteti, who headed some of Flipkart’s key businesses such as mobile, home and furniture categories, quit the e-commerce firm in November 2020 after an eight-year stint and set up Protonn the following year. The company, however, could not find the right product-market fit and the founders did not agree to pivot its business model.