Jammu Tawi, April 12
As part of its drive to promote digital financial transactions, Manappuram Finance Ltd. will launch its own co-branded prepaid card on April 15, 2017 in tie-up with Yes Bank.
The Manappuram Yes Bank Money Card can be pre-loaded up to a maximum amount of Rs.50,000/- and then be 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.
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). The card will be formally launched on Saturday, April 15, at 12 noon at the company’s head office at Valapad (Thrissur) by Shri V.P. Nandakumar, MD &CEO, in the presence of senior executives of Yes Bank and local dignitaries.
During the function, Manappuram Finance Ltd. will also launch its branded eWallet under the name, “MaKash”. The company had recently received a Pre Paid Payment Instrument License from RBI which authorises the company to operate a semi-closed payment instrument and eWallets. The technology partner for MaKash is Teknospire, a Bangalore based software