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Manappuram Finance launched its co-branded prepaid money card in a tie up with YES BANK. The card can be pre-loaded up to a maximum amount of Rs.50000 and then used to withdraw money from all ATM's.
Speaking of the partnership, the MD & CEO of Manappuram Finance, VP Nandakumar said, "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. We are pleased to launch our prepaid money card in partnership with a bank of the stature of YES BANK."
Ritesh Pai, senior president & country head, digital banking, YES BANK, said "YES BANK believes in the power of Banking-as-a-Service to revolutionise the Digital Banking and Payments ecosystem in India, and have adopted the Alliances, Relationships and Technology (ART) approach to Banking. In line this with ethos, we are glad to partner with Mannapuram Finance to further the mission of a less-cash economy and promote digital payments in the country."
The company will issue the prepaid card to its customer base of 20 lakh 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., a feature unique to this card. 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).
Manappuram Finance also launched its branded eWallet under the name, "MaKash". The company had recently received a Pre Paid Payment Instrument License from RBI which authorised the company to operate a semi-closed payment instrument and eWallets.