Tata Teleservices subsidiary MMP Mobi Wallet Payment Systems, which offers a money transfer and payment service ‘mRupee’, has partnered RBL Bank to launch a new Visa powered Open Loop prepaid card. The card will enable customers without a bank account to withdraw money from Visa supported ATMs as well as pay for goods and services where Visa cards are accepted, across the country. To apply for the card, customers need to visit mRupee outlets and initiate the registration and card issuance process, after which an card kit with an inactive ‘Pay Smart’ card is issued to the user. According to mRupee, this process takes at the most a few minutes. The user then has to share a signed CAF and a self-attested supporting KYC document with the retailer, which is uploaded and reviewed by RBL Bank. On successful verification of the documents and approval from the bank, the card is then activated and money can loaded into it. Cash can be loaded into mRupee accounts through net banking, debit cards or through offline retailers. Other than users without a bank account, users who prefer not disclosing their banking information online can also benefit from this scheme. Currently, the minimum balance required in the card is Rs 200 and the maximum it can hold is Rs 1 lakh. Note that the RBI had raised the limits for semi-closed PPIs with full KYC to Rs 1 lakh just last month. Other than this mRupee also offers money transfer services to any bank…
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