Leading forex and inward remittance solutions provider Transcorp International Ltd, a BSE-listed company, today announced the launch of a Platinum Pre Paid card that can be used for transactions in stores and ATMs across the country and can also be used by organizations to disburse wages and salaries to even those employees who do not have a bank account. Transcorp has leveraged its Pre-Paid Instrument (PPI) license to operate this program which is the same license held by the leading mobile-wallet operators in India. Over the next few months, Transcorp will roll out its own wallet - Transcash.
In line with the Government's bold initatives of Less-Cash India & Demonotization, as well as consumer demand Transcorp has launched Platinum Prepaid cards which could become a game changer in government's efforts to reduce cash and provide a boost to digital economyThe card is being launched in association with Yes Bank, country's leading private bank and RUPAY - India's very own switch powered by NPCI.
The card can be prefunded or money can be loaded in the card by the employer or by the card holder himself. The maximum amount that can be loaded is Rs 10,000 in case of non KYC (Know Your Customer) compliant card and Rs 1,00,000 in case of KYC compliant card. There is no minimum limit. It can also be used to withdraw cash at any ATM across the nation.
"These cards can replace cash payment for all value transactions up to Rs. 1,00,000. Being very convenient, this card gives the card holder freedom to use it wherever and whenever needed, including on the Internet. The Card Holder can limit or control the balance in the card and conveniently use for all his payment needs. The corporate, institutions, other organizations who need to disburse various recurring payments like wages, salaries, incentives and such other recurring payments to their employees or beneficiaries can seamlessly do so, with ease," said Mr. Hemant Kaul, Chairman, Transcorp International Ltd.
These cards are highly customizable and can be co-branded with an organization's logo as well as restrict certain merchant categories or ATM withdrawls as per the client organization's requirements.
The card reduces the risk against fraud in usage at shops and internet as customer can restrict the amount loaded in the card and one's bank account is not exposed. Prepaid Cards are the next significant trend in consumer payments and the prepaid card market is growing rapidly in India.
"This card is useful for unbanked and under banked consumers as no bank account is required for using this pre-paid card. Cardholders can track and control their spending as a budget tool and monitor expenditure. This makes it easier for the accounting department to manage expenses by not having to check every individual bill; and eliminate cash as a medium of paying for company expenditures. The reimbursement can be done post a payment is made or the money can be loaded before hand if the employee requires an advance" said Mr. Jay Goel, Business Head-PPI, Transcorp International Ltd.
The card will be available in all the 40 branches of the company spread all over the country and most of the 7,500+ franchises of Transcorp. Transcorp serves over 20 lakh (2 million) customers on a yearly basis has its registered office in New Delhi.
There is absolute convenience of loading and reloading of the desired amount as and when required for usage. It also reduces risk against fraud by keeping balance to minimum in the card. The card can be used at all merchant establishments, websites, utility service providers where a swipe machine is present. It can be used at ATMs for cash withdrawal also.
Shares of TRANSCORP INTERNATIONAL LTD. was last trading in BSE at Rs.38.05 as compared to the previous close of Rs. 39.6. The total number of shares traded during the day was 5340 in over 22 trades.
The stock hit an intraday high of Rs. 39 and intraday low of 38.05. The net turnover during the day was Rs. 206551.