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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 providers such as 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. The app also allowed Gold members (members who provide KYC documents) to transfer money. The prepaid wallet authorization surrender does not affect the Beam Wallet service by Beam Money.

New licenses (as of December 2012)

RBI has authorized new licenses to companies such as CanvasM Technologies, Y Cash Software, DigitSecure, Mobile Commerce Solutions Ltd., Pay Point India, to operate prepaid payment instruments.

Besides this, the Reserve Bank of India has authorized seven new operating license for prepaid instruments between 2011-2012, and a license revocation authorization:

– CanvasM Technologies Limited has been granted 2 years license in December 2012 for prepaid payment instruments known as MoboMoney.

– DigitSecure India Private Limited has been granted 2 years license in September 2012 for prepaid instruments known as HotRemit.

– MMP Mobi Wallet Payment Systems Limited has been granted 2 years license in December 2011 for prepaid instruments known as mRupee.

– Mobile Commerce Solutions Limited has been granted 2 years license in November 2011 for prepaid instruments.

– My Mobile Payments Limited has been granted 2 years license in September 2011 for prepaid instruments knows as Money-on-Mobile.

– Pay Point India Network Private Limited has been granted 2 years license in April 2012 for prepaid instruments known as Pay Pointz.

– Y-Cash Software Solutions Private Limited has been granted 2 years license in March 2012 for prepaid instruments knows as Y-PayCash.

– Kaizen that operates RFID based SmartCards had its revocation order issued in April 2011.

Note that RBI has authorized 21 prepaid licenses in total. Other companies to hold license until at least 2014 include Atom TechnologiesBharti Airtel (Airtel M Commerce Services Ltd), PayWorld / Smart Payment Solutions, Sodexo SVC India Pvt. Ltd, UAE Exchange & Financial Services Ltd., Done Card Utility Limited, Edenred (India) Private Limited, GI Technology Private Limited, Itz Cash Card Ltd., Muthoot Vehicle & Asset Finance Ltd., OSSCard/ OSS Payments, Oxigen Services (India) Pvt. Ltd., PayMate India Pvt. Limited, and ZipCash Card Services Pvt. Ltd.

It’s worth noting that E-commerce marketplace Flipkart has also applied for a semi-closed prepaid wallet and is awaiting RBI’s response. The wallet will be integrated through its online payment solutions, Payzippy which was launched recently.

Related:
The Digital Prepaid Payments Market In India Is Getting Crowded

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