Manappuram Finance to launch prepaid card

Manappuram Finance to launch prepaid card

 KOCHI: As part of its drive to promote(को बढ़ावा देना)  digital financial transactions, Kerala based NBFC, Manappuram Finance Ltd. will launch its own co-branded prepaid card on April 15 in tie-up with Yes Bank. It can be pre-loaded up to a maximum amount of Rs.50,000 and then be used to withdraw money from all ATMs. 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 will issue the prepaid card to its entire base of 20 lakh live customers and link their existing gold loan accounts to the card. Customers can also withdraw money from any of the 3,300 branches of Manappuram Finance Ltd.. The card can be reloaded (पुनः लोड किया गया) directly at all Manappuram Branches.

The card will be launched by V P Nandakumar, MD &CEO of Manappuram.

During the function, the company 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 Bengaluru- based software company.