mRUPEE joins hands with RBL Bank

MMPL (a subsidiary of Tata Teleservices Ltd.) has announced the launch of a new Open Loop prepaid, VISA powered card in partnership with RBL Bank. By accessing a PaySmart card, user 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.
Pradeep Sampath, Chief Operating Officer, MMP MOBI WALLET PAYMENT SYSTEMS LIMITED, said, “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.”
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.
- See more at: http://www.varindia.com/mrupee-joins-hands-with-rbl-bank/#sthash.2jgR9Akw.dpuf

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