Launches Co-branded prepaid Money Card in partnership with YES BANK and the “MaKash” eWallet
Bangalore, 19th April 2017: Manappuram Finance Ltd. has launched its co-branded prepaid money card in a tie up with YES BANK, India’s 5th largest private sector Bank. The Manappuram YES BANK Money Card can be pre-loaded up to a maximum amount of Rs.50,000/- and then used to withdraw money from all ATM’s. As the card works on the popular MasterCard and RuPay networks, it can also be used for online transactions and at merchant establishments with Point of Sales (PoS) terminals. YES BANK will employ its state-of-the-art Digital Banking and technology platforms to power the Mannapuram YES BANK Money Card and also integrate with its API Banking system to ensure seamless payments, reconciliation and integration at the backend.
Speaking at the function held in Valapad in this connection, the MD & CEO of Manappuram Finance Ltd., Mr. V.P. Nandakumar said, “We recognise that the future is cashless and therefore we are committed to ease the transition for our customers by offering them a choice of convenient alternatives to cash. We are pleased to launch our prepaid money card in partnership with a bank of the stature of YES BANK.”
Mr.Ritesh Pai, Senior President & Country Head, Digital Banking , of YES BANK, said ”YES BANK believes in the power of Banking-as-a-Service to revolutionise the Digital Banking and Payments ecosystem in India, and have adopted the Alliances, Relationships and Technology (ART) approach to Banking. In line this with ethos, we are glad to partner with Mannapuram Finance to further the mission of a less-cash economy and promote digital payments in the country.”
Manappuram Finance Ltd. will issue the prepaid card to its entire base of 20 lakh live customers and link their existing gold loan accounts to the card. This will enable its customers to withdraw money from ATMs across India. Moreover, customers can also withdraw money from any of the 3,300 branches of Manappuram Finance Ltd., a feature unique to this card. The card can be reloaded directly at all Manappuram Branches. The card can also be purchased by non-customers by furnishing their mobile number and a KYC document as prescribed by the Reserve Bank of India (RBI).
MaKash eWallet: During the function, Manappuram Finance Ltd. also launched its branded eWallet under the name, “MaKash”. The company had recently received a Pre Paid Payment Instrument License from RBI which authorised the company to operate a semi-closed payment instrument and eWallets. The technology partner for MaKash is Teknospire, a Bangalore based software company.
Tech focus: Manappuram Finance Ltd. has, in recent years, focused on leveraging technology to make life easy for its customers through various tech enabled offerings. It was the first to launch Online Gold Loan in 2015 which allows customers to avail gold loans from anywhere, anytime by use of any web-enabled device. Simutaneously, the company had also activated digital channels for repayment of gold loans such as internet banking, debit cards, eWallets etc. With the launch of its money card and the “MaKash” eWallet, Manappuram Finance Ltd. will take one more important step in the transition towards cashless environment.
Recently, in March 2017, the company had initiated “Project e-Valapad” in partnership with the Valapad Panchayat, under which training in online financial transactions through smartphones was imparted to over 9,000 households in Valapad village in Thrissur district, after which the village was officially declared as a fully e-literate village.