Tata Teleservices Subsidiary mRupee and Manappuram Finance Announce Tie Up

MMP Mobi Wallet Payment Systems, a subsidiary of Tata Teleservices, announced a tie up today with Manappuram Finance Ltd., one of India’s leading gold loan NBFCs, for providing a convenient and secure alternative physical and online repayment option to its customers.

The tie up will provide greater payment convenience to Manappuram’s customers by enabling access to mRUPEE outlets and also to 2 lakh+ Tata Docomo outlets in the country over a period.

“We see a great synergy in our association with Manappuram Finance and feel that with our collaborative services we can offer convenient and reliable payment options to customers. In a short span of time mRUPEE has garnered a huge trust with a growing customer base and created a strong customer value proposition,” said Mr. N. Srinath, Managing Director, Tata Teleservices Limited.

In addition, Manappuram will also integrate mRUPEE’s eWallet service which enables repayments and transfer of funds via mobile phones onto its own online repayment platform. With this, borrowers can make online repayments directly to their accounts through their pre-funded mRUPEE eWallet, even without having access to a bank account or credit card. In fact, this is the first instance in India of an NBFC integrating the eWallet repayment concept into its own system.

Speaking about the tie-up, Mr V.P. Nandakumar, MD & CEO of Manappuram Finance Ltd. said, “As gold loans move up the value chain from a distress to a lifestyle product, the convenience factor will become more critical. mRUPEE is a fitting choice for us for its large distribution channel, secured network and high customer value. At Manappuram, we have always pitched our gold loans as something which makes life easy. This latest service is part of our continuing quest to exceed our customers’ expectations.”

Manappuram Finance Ltd. was the winner of the KMA NASSCOM “IT Innovations Award” 2014. The award recognises companies that have made innovation a part of their organizational DNA, and used the innovation engine to reinvent their processes, marketing and product development strategies.

About MMP Mobi Wallet Payments Systems:

MMPL is a subsidiary and the payments arm of Tata Teleservices Limited. MMPL has obtained a license from RBI to issue prepaid payment instruments in India. MMPL’s flagship product is the Semi Closed Wallet, under the brand name “mRUPEE”. MMPL offers these services at 25 locations across the country through its over 4,000 retail outlets, and also over mobile technologies, thus serving the financial needs of customers through the reach of its retail and mobile networks.

For more information on mRUPEE, follow the link: https://www.mrupee.in

About Manappuram Finance Ltd.

Manappuram Finance Ltd. is one of India’s leading gold loans NBFCs engaged in providing finance against used household gold ornaments. Incorporated in 1992, the company has been promoted by Mr. V.P. Nandakumar (current MD & CEO) whose family has been involved in gold loans since 1949. It is headquartered at Valapad in the Thrissur District of Kerala.  The company went public in August 1995 and its shares are listed on the stock exchanges of Mumbai, Chennai, and Kochi.   

As of March 31, 2015, Manappuram Finance Ltd. had 3,293 branches across 22 states and 4 UTs with Assets under management (AUM) of Rs.95.93 billion. The company’s net worth stood at Rs.26.32 billion.