MMPL (a subsidiary of Tata Teleservices Ltd.) has launched a new Open Loop prepaid, VISA powered, card in partnership with RBL Bank (Also known as Ratnakar Bank).
The new service will provide a platform for the users to move away from traditional cash based transactions into an easy, secure and private mode of payment.
By obtaining a PaySmart card, mRUPEE customers will be able to withdraw money from VISA licensed ATMs and also pay for goods and services at all merchants that accept VISA Debit/Credit cards nationally.
Today, digital/plastic money has evolved quickly beyond just cash to take the center stage in an increasingly digitally endowed world. Tata Teleservices realizes that India is witnessing a form of ‘half-life’ adoption where the time required for each new platform or application to become genuinely mainstream, is half that of its predecessor.
“The PaySmart card is a milestone towards realizing Tata Teleservices vision of simple and secured transaction services. Keeping financial inclusion in mind, we have worked towards creating this product for all customers who can now have a choice of cashless dealings. Amongst the host of offerings around mobile money, this product addresses a clear gap of Cash Out which is currently not available with the Semi Closed Wallets, There is a clear need in the marketplace for such an offering at the right price and feature set.” said Pradeep Sampath, Chief Operating Officer, MMP MOBI WALLET PAYMENT SYSTEMS LIMITED.
This new service is a step towards our commitment to further enhance our mRUPEE capabilities that will help the customers transact and withdraw money without a bank account. This service would offer convenience to someone who does not have a Bank Account and hence not able to participate in the mainstream economy, thus robbing him of the benefits of financial services. It will also resonate with a customer who has a Bank Account but is finding it unsafe to expose his credentials online at the same time presenting the evolved merchant ecosystem for the customer to transact. The minimum money value the PAY Smart card would hold is 200 rupees with the maximum value being 1 lakh rupees at any point in time.
“More than just the exciting technologies, these digital innovations are transforming our way of life. We at RBL Bank are very confident that this is the way ahead in transforming the society towards a cashless behavior. Keeping in mind our focus on digital inclusion with everyone having access to technology, we have partnered with Tata Teleservices to offer this service to consumers wherein they can make payments via mRUPEE payment gateway service. With this we have further aims at delivering future ready infrastructure that not only meets today’s expectations, but those of tomorrow as well,” said Ritesh Pai, Senior Vice President and Head – Direct Banking Channels at RBL Bank said.