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India : MMPL & RBL BANK introduced new VISA-powered prepaid card to serve customers digitally.

MMPL recently has announced the launch of a new Open Loop prepaid card, powered by VISA, mainly targeting the unbanked customers.

The company, a subsidiary of Tata Teleservices Ltd., has joined hands with RBL Bank (Also known as Ratnakar Bank) to roll out the new product.

The newly launched service will offer customers with an access to easy, secure and private means of payment, facilitating them to move away from traditional cash based transaction mode.

The users of mRUPEE, the mobile payments service of the Indian telecom services provider Tata Docomo, can carry out a range of transactions using the new PaySmart card. They can use the card countrywide to withdraw cash from VISA certified ATMs and also make payments for goods and services at all merchants, which give recognition to VISA Debit/Credit card payments.

MMPL has launched the Open Loop prepaid card chiefly to provide convenient as well as cashless financial services to the unbanked customers. The minimum money value the PAY Smart card will hold is Rs 200 with the maximum value being Rs 1 lakh at any point in time.

Customers will have to visit an mRUPEE Retailer outlet to obtain a PAY Smart card to start enjoying cashless transaction facility. Upon receipt of application for the card, the MMPL Retailer begins the relevant procedure for registration of customer and issuance of card. Once all formalities are done, customer will be given a card kit with an inactive card.

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Publication:Mena Report
Date:Jan 30, 2015
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