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TranServ’s Udio wallet offers physical VISA cards for offline transactions

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Digital payments company TranServ has launched mobile walled called Udio. The company has partnered with Ratnakar Bank (RBL) to offer physical VISA prepaid cards as well, letting users use the wallet for offline payments.

The VISA card can be availed for in a section called ‘My Udio Card’ in the wallet. Here, users can order a new card by providing their details like name, address etc, post which the card is mailed to the user. Applying for the card costs Rs 99. Once received, users need to activate the card before they can start using it.

The VISA card balance is linked to the wallet balance, with the app displaying transaction history, balance etc. The card can be used to carry out transactions at any offline outlets that support VISA cards. Users top up the account via bank transfer, and can withdraw the money back to their banks as well. Currently, there are no fees for bank transfers.

Interestingly, Udio is a rebrand of the company’s Shmart! Wallet with a different interface and additional features like bill splits etc. The digital wallet can be used for electricity, gas, DTH and mobile payments as well. Other than this, users can gift vouchers to others from various brands like CCD, FastTrack, Myntra, Amazon and Starbucks etc. Like most other wallets, Udio also provides users with offers and discounts etc.The overall transactional limit for the wallet is Rs 10,000 per month (including the card).

RBL-TranServ partnerships: In January last year, RBL tied up with Transerv and iKaaz to launch co-branded wallets. Around the same time, Transerv launched Shmart!, a digital payments suite for both customers and merchants, where RBL provides semi-closed loop prepaid account to store funds. Shmart! offers a prepaid reloadable wallet for consumers. It gives merchants a number of APIs to integrate into their website and have a wallet, through which, it counts over 150 merchants including PayUMoney, as its customers.

Also read: Micromax and Transerv to roll out wallets on its smartphones

Other digital/prepaid cards:

– Earlier today FreeCharge launched FreeCharge Go, a virtual card which can be used to make payments across all online merchants in India, in association with YES Bank and powered by MasterCard.

– Last month, Paytm partnered with ICICI Bank to launch virtual prepaid cards which could be used by wallet users at both offline and online stores for purchases. The virtual card could be used at any retail organization which accepted Visa, MasterCard and RuPay.

– In August last year, HDFC Bank tied up with e-commerce portal Snapdeal to launch a co-branded credit card.

– Visa launched its mVisa payments service the same month, allowing users to make cashless payments from their smartphones at physical stores, e-commerce websites and deliveries at home via QR codes.

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    © 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ