India-based payment solution provider Transcorp International has received Reserve Bank of India’s (RBI) approval to issue co-branded prepaid instruments (PPI) cards & wallets to facilitate cashless payments.
Transcorp can now create API-based co-branded partnerships for digital, physical and contactless cards with select clients on its own bank identification numbers (BINs).
The PPI cards and wallets can be used at 3.5 million merchants and online gateways across the country.
The solution can be also be used by partners, financial institutions and corporate houses to pay wages and salaries to employees, regardless of whether they have a bank account or not.
Based on the level of KYC-based authentication, Transcorp is offering several variants of its customisable prepaid card.
Transcorp is issuing non-reloadable gift cards with a value up to INR10,000, ‘Min KYC Cards’ up to INR10,000 monthly which are reloadable and issued via OTP and ‘Full KYC Cards’ up to INR100,000 at a time which are reloadable and issued via full KYC.
Transcorp International CEO Amitava Ghosh said: “These cards can replace cash payment for all value transactions up to INR100,000.
“Organisations that need to disburse payments like wages, reimbursements, incentives and other recurring payments to their employees or beneficiaries can seamlessly do so.
“This facilitates the accounting department to manage expenses by not having to check every individual bill; eliminating cash as a medium of paying for company expenses.”
The prepaid card will be available at all Transcorp branches, through select agents and can also be ordered for delivery.
Transcorp, as a part of government’s initiatives of cashless India, has also launched its multi-wallet Rupay-powered prepaid cards that allow corporate houses to pay wages, incentives or for expenses.