MMPL, a subsidiary of Tata Teleservices, has launched an open loop VISA prepaid card in partnership with RBL Bank, previously known as Ratnakar Bank.
The product named PaySmart card will provide a platform for the unbanked consumers to move away from traditional cash based transactions to a secure and private mode of payment.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The new service will allow customers of mRupee, the mobile payments service provided by Indian operator Tata Docomo, to withdraw money from VISA licensed ATMs and pay for goods and services at merchants that accept VISA debit or credit cards.
The PAY Smart card will hold a minimum money value of INR200 while the maximum value will go upto INR100,000.
MMP MOBI Wallet Payment Systems COO Pradeep Sampath said: "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."
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
