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mRupee partners RBL Bank to launch Visa branded open loop prepaid card

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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 account in India through IMPS,  mobile, DTH & data card recharge, utility payments and the ability to purchase air and bus tickets, make hotel bookings and others.

Other developments:

HDFC Bank, India’s second largest private sector lender, had announced plans to launch a digital wallet and marketplace for various online merchants earlier this month. The bank is also pushing its customers to adopt mobile banking and recently improved its application which now allows 75 banking transactions.

– Similarly, ICICI Bank had also said it will be launching a digital wallet this year, earlier this month. The bank has currently launched its NFC-enabled cards in three cities and and has introduced over 1200 Electronic Data Capture (EDC) machines capable of accepting contactless payments.

– State Bank of India, the country’s largest bank, had also sought permission from RBI to introduce NFC enabled cards which will allow customers to carry out transactions of up to Rs 2000 without entering the ATM pin number at point-of-sale (PoS) terminals.

– Earlier in December, DCB Bank partnered with iKaaz to offer ‘tap and pay’ NFC payment solutions in India. iKaaz will launch mobile payment solutions including its flagship Near Field Communications (NFC) based Tap & Pay product targeting the merchant ecosystem and other related offerings directly targeting the consumers. Besides enabling buyers iKaaz is also getting merchants NFC ready by installing readers that will help them receive money into their bank account.

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    © 2008-2018 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ