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Tata Subsidiary Launches PaySmart Prepaid Payment Card Service

Tata Subsidiary Launches PaySmart Prepaid Payment Card Service

By Indo-Asian News Service | Updated: 29 January 2015 13:19 IST

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Tata's Teleservices Ltd.'s subsidiary MMPL (My Mobile Payments Limited) Wednesday unveiled a smart prepaid payment card service in Bengaluru in partnership with Ratnakar Bank Ltd., a regional bank in Karnataka.

"The PaySmart prepaid card will allow our customers to shift to an easy, secure and private payment mode from traditional cash-based transactions," the Tata arm said in a statement here.

Armed with a licence from the Reserve Bank of India (RBI), the subsidiary offers prepaid instrument services across the country using mobile technology to meet the financial needs of the people.

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The card will enable the company's (mRupee) customers to draw cash from Visa-licenced ATMs (automatic teller machines) as well as pay for goods and services at all merchants accepting Visa debit/credit cards across the country.

"Keeping financial inclusion in mind, we have created a product for all customers who can have a choice of cashless dealings," MMPL chief operating officer Pradeep Sampath said on the occasion.

Unlike other offerings in mobile money, PaySmart card enables users to address the cash out gap, which is unavailable with semi-closed wallets.

The minimum money value the PaySmart card is Rs. 200 and maximum Rs. 1,00,000 at any point in time.

"More than technology, digital innovations will transform our way of life. We are confident that prepaid card service will lead to a cashless society soon," Ratnakar Bank vice-president Ritesh Pai said in the statement.

The novel service does not require its user to have a bank account to transact or draw money from Visa-ATM kiosks.

The 72-year-old bank has 180 branches and 350 ATMs across 13 states and union territories and caters to 100,000 accounts under a new management since 2010.

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