mRupee, in Partnership with RBL Bank, Launches PaySmart Prepaid Card

MMPL (a subsidiary of Tata Teleservices Ltd.) today announced the launch of a new Open Loop prepaid, VISA powered, card in partnership with RBL Bank (Also known as Ratnakar Bank). The new service will provide a platform for the users to move away from traditional cash based transactions into an easy, secure and private mode of payment.

By obtaining a PaySmart card, mRUPEE customers will be able to withdraw money from VISA licensed ATMs and also pay for goods and services at all merchants that accept VISA Debit/Credit cards nationally. Today, digital/plastic money has evolved quickly beyond just cash to take the center stage in an increasingly digitally endowed world. Tata Teleservices realizes that India is witnessing a form of ‘half-life’ adoption where the time required for each new platform or application to become genuinely mainstream, is half that of its predecessor.

“The PaySmart card is a milestone towards realizing Tata Teleservices vision of simple and secured transaction services. 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, There is a clear need in the marketplace for such an offering at the right price and feature set.” said Mr. Pradeep Sampath, Chief Operating Officer, MMP MOBI WALLET PAYMENT SYSTEMS LIMITED.

This new service is a step towards our commitment to further enhance our mRUPEE capabilities that will help the customers transact and withdraw money without a bank account. This service would offer convenience to someone who does not have a Bank Account and hence not able to participate in the mainstream economy, thus robbing him of the benefits of financial services. It will also resonate with a customer who has a Bank Account but is finding it unsafe to expose his credentials online at the same time presenting the evolved merchant ecosystem for the customer to transact. The minimum money value the PAY Smart card would hold is 200 rupees with the maximum value being 1 lakh rupees at any point in time.

“More than just the exciting technologies, these digital innovations are transforming our way of life. We at RBL Bank are very confident that this is the way ahead in transforming the society towards a cashless behavior. Keeping in mind our focus on digital inclusion with everyone having access to technology, we have partnered with Tata Teleservices to offer this service to consumers wherein they can make payments via mRUPEE payment gateway service.  With  this we have further aims at delivering future ready infrastructure that not only meets today’s expectations, but those of tomorrow as well,” said Mr. Ritesh Pai, Senior Vice President and Head – Direct Banking Channels at RBL Bank said.

One can own a PAY Smart card in few easy steps –

1. The prospective customer walks into an mRUPEE Retailer outlet & requests for the PaySmart card to the retailer. The MMPL Retailer initiates the customer registration and card issuance process.  The card kit with an inactive card would be issued to the customer, who can walk out in a few minutes.

2. Customer will share the duly signed CAF & furnish self-attested supporting KYC documents to mRUPEE Retailer. These documents would be digitized and uploaded to be reviewed by RBL’s back-office systems.

3. After successful verification of the documents, RBL Bank will approve the request, The card would then be successfully activated.

4. The customer can now load money in the card at the mRUPEE outlet and start using it.

About Tata Teleservices Limited:

Tata Teleservices Limited is one of India’s leading private telecom service providers, having a pan-India presence across all of India’s 19 telecom Circles. The company offers integrated telecom solutions to its customers under the unified brand name Tata Docomo and operates its wireless networks on GSM, CDMA and 3G technology platforms. Tata Teleservices Limited, along with Tata Teleservices (Maharashtra) Limited, operates in more than 450,000 towns and villages across the country. Tata Docomo has been at the forefront of redefining the telecom experience in India, launching innovative products and services that have impacted Indian consumer lifestyles. TTL is the clear market leader in the enterprise space as well, and has market leadership in many product lines, such as mobile broadband with the Photon family of wireless access devices.

For details, visit www.tatateleservices.com and www.Tata Docomo.com

About MMP Mobi Wallet Payments Systems:

MMPL is a subsidiary of Tata Teleservices Limited. MMPL has obtained a license from RBI to offer prepaid instruments services in India. MMPL will offer these services over mobile technology thus serving the financial needs through the reach of mobile services. For more information on mRUPEE, follow the link: https://www.mrupee.in

About Ratnakar Bank Ltd. (RBL):

RBL Bank is one of India’s fastest growing scheduled commercial banks with an expanding presence across the country. It has currently grown to a network of over 180 branches / 350 ATMs across 13 Indian States and Union Territories. The Bank has been recognized by the World Economic Forum as a Global Growth Company, 2014 and has been awarded India’s Best Bank (Growth) in the mid-sized bank segment by Business Today-KPMG for three consecutive years, FY12, FY13 & FY14.

Established in 1943, RBL Bank undertook a transformational journey under a new management team in 2010. It embarked on an aggressive growth plan based on a robust platform of professional governance, relationships, technology infrastructure, high quality capital and geographic expansion. Today, RBL Bank offers specialized services under five business verticals namely: Corporate & Institutional Banking, Commercial Banking, Retail Banking, Agri & Development Banking and Financial Markets. The Bank currently serves more than 10, 00,000 customers and has a total business size of over Rs. 20,000 Cr. Over the last three years, some of the most notable global and domestic names have infused capital of over Rs. 1,500 Cr., taking TIER 1 capital to Rs. 2,000 Cr. (approx).

For more information, please visit www.rblbank.com