Mobile payments platform, Beam Money, has partnered with MasterCard Worldwide to launch a prepaid card that will allow Beam’s mobile wallet users to transact at ATMs, physical merchants and online shops.
As part of the agreement, Beam franchisees across the country will be issue prepaid cards from July-August 2013, which will be linked to the customer’s existing Beam account. Users can then make use of these cards to pay utility bills, make fund transfers, book movie or travel tickets, and also withdraw money from ATMs and Beam franchisees. The deal period or the financial details of the agreement were not disclosed.
MasterCard claimed that this prepaid card will be linked to the customer’s existing Beam account in real time and it will automatically sync transactions to the user’s beam account.
Beam currently offers a prepaid mobile wallet which provides services like remote payments, telecom and DTH recharge, rail, air and bus bookings, cinema tickets, utility payments, among others.
The company had claimed to have more than 14 million users in India and claimed to be working with more than 50,000 partners in the country including Aircel, Airtel, BSNL, Idea, MTS, MTNL Delhi and Mumbai, Reliance, Tata Indicom and Tata Docomo, Vodafone, Videocon, Uninor, Tata Sky, Videcon D2H, Airtel Digital, Sun Direct, Reliance Big, and Dish TV. It had also launched a mobile wallet app for the iPhone, called Beam Wallet, which allowed iPhone users to use the Beam Money service on their phones.
Other prepaid payment solution providers in the country include ITZ Cash, Oxigen, Paymate and TranServ Private Limited among others.
Earlier this month, Telecom operator Aircel had partnered with ICICI Bank and the global payments company Visa to launch a mobile banking service called Mobile Money, targeting the underbanked population.
Citibank had partnered with the mobile point of sale (PoS) payments startup Ezetap last month, to launch a mobile payment solution merchants targeting credit and debit card holders in India. Citibank had claimed to have partnered with several companies including Shoppers Stop, Bajaj Allianz, Flipkart, BookMyShow and Vodafone to deploy this solution for payment and collection.
In December 2012, five Indian banks including SBI, HDFC Bank, ICICI Bank, Indian Overseas Bank and Axis Bank had partnered with Visa to launch Saral Money, an instant prepaid card service that allows users to open a bank account using their Aadhar card for know your customer (KYC) validation.