Indian payment solutions provider The MobileWallet (tmw) has partnered with Singaporean fintech company MatchMove to introduce a new contactless prepaid Mastercard.
The prepaid card, which the companies claim to be the first such product in South Asia, is issued by Indian private sector lender Federal Bank.
The prepaid card eliminates the need for PIN entry during contactless transactions below INR2,000 ($29.44).
The new product will be powered by MatchMove’s Banking Wallet OS platform, which facilitates ‘Banking As A Service’ and ‘Spend, Send, Lend’ capabilities within any app.
tmw founder and managing director Vinay Kalantri said: “With this latest launch, tmw has marked a significant step towards greater security and speed, and has thus laid the ground work for future innovative products in the prepaid card segment.
“This launch also further augments our product offering by providing smarter solutions such as digital payout disbursements and open-loop solutions to new segments of our business.”
tmw will be responsible for the distribution of the new card to its retail and corporate customers for use at various merchants across the country.
Besides, the company will also offer the card to large corporates for supporting their payout and disbursement management requirements.