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Beam Money Surrenders Prepaid Wallet Authorization; RBI Approves New Licenses

Beam Money Private Limited which had launched Beam Money prepaid wallet has voluntarily surrendered its authorization, according to RBI's website. Speaking to MediaNama, Anand Shrivastav, Chairman at Beam Money informed us that semi closed prepaid wallets did not make financial sense to Beam Money. One of the major drawback, he says, was that it did not allow users to withdraw money from the wallet, which is important for a consumer company. He also mentioned that Beam Money does one million transactions every month and has an average transaction of Rs 250 to Rs 350 per transaction. In January 2013, Beam Money had launched a mobile wallet app for the iPhone, called Beam Wallet. The app will allow iPhone users to use the Beam Money service on their phones. According to the company, the Beam App will enable users to recharge Mobile and DTH accounts across service…

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