Manappuram Finance partners with Yes Bank to launch co-branded prepaid cards

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According to PayNXT360, Indian prepaid card market stood at USD 13.6 billion in 2016 and is expected to reach USD 68.2 billion by end of 2021 at a CAGR of 37.3%. Though majority transactions are still cash based in India, over 40% underbanked and unbanked population provides a huge scope for gaining a stable customer base for prepaid card service. Mostly younger age group people are attracted towards this solution due to convenience, offers and promotions associated with it. During FY2016, India emerged as one of the most important prepaid card markets both globally and in Asia Pacific region.

Favorable market conditions and regulatory framework is driving the growth of prepaid card solutions in India. This coupled with attraction of younger population towards this solution due to benefits and convenience associated with it, is creating a suitable business expansion and revenue generation environment for the service providers.

Non-banking financial company, Manappuram Finance based out of Kerala, India has launched co-branded prepaid card in partnership with Yes Bank towards mid of April 2017. Manappuram YES Bank Prepaid Money Card can be loaded up to INR 50,000 and facilitates cash withdrawals at all ATMs. The prepaid card can be used across MasterCard and RuPay networks, for online transactions and at merchant location PoS terminals.  Money can be withdrawn across 3,300 Manappuram Finance branches as well which is a feature unique to this solution.

Manappuram Finance lately gained prepaid payment instrument license from RBI which provides authorization to operate semi-closed payment instrument and eWallets. The company will issue these cards to its entire customer base of 20 lakhs and link their gold loan account to it. This card can be reloaded at all company branches and non-customers can issue this card by providing mobile number and KYC document as per RBI guideline. Additionally, it has also introduced eWallet MaKash that is powered by Bangalore based software company, Teknospire.

To know more and gain deeper understanding of prepaid card industry in India, click here