In its efforts to promote digitisation, Manappuram Finance Ltd launched its prepaid card, in collaboration with YES Bank.
The Manappuram-YES Bank money card is scheduled to be launched on April 15, 2017, can be pre-loaded up to a maximum amount of Rs.50,000 and used to withdraw money from all ATM’s, reported The Economic Times.
The card, that also works on the MasterCard and RuPay networks will enable online transactions and at merchant establishments with Point of Sales (PoS) terminals.
Manappuram Finance Ltd. earlier announced that it 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.
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).
As the card works on MasterCard and RuPay networks, it can also be used for online transactions and at merchant establishments with Point of Sale (PoS) terminals. “We recognise that the future is cashless and therefore we are committed to ease the transition for our customers by offering them a choice of convenient alternatives to cash,” said VP Nandakumar, managing director and chief executive officer of Manappuram Finance Ltd.
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