mRUPEE, in partnership with RBL Bank, launches PaySmart Prepaid card

MMPL (a subsidiary of Tata Teleservices Ltd.) has launched a new Open Loopprepaid, VISA powered, card in partnership with RBL Bank (Also known as Ratnakar Bank). The new service will provide a platform for the users to move away from traditional cash based transactions into an easy, secure and private mode of payment. The minimum money value the PAY Smart card would hold is 200 rupees with the maximum value being 1 lakh rupees at any point in time.

RBL-Bank-Rupee

By obtaining a PaySmart card, mRUPEE customers will be able to withdraw money from VISA licensed ATMs and also pay for goods and services at all merchants that accept VISA Debit/Credit cards nationally. Today, digital/plastic money has evolved quickly beyond just cash to take the center stage in an increasingly digitally endowed world. Tata Teleservices realizes that India is witnessing a form of ‘half-life’ adoption where the time required for each new platform or application to become genuinely mainstream, is half that of its predecessor.

One can own a PAY Smart card in few easy steps –

1. The prospective customer walks into an mRUPEE Retailer outlet & requests for the PaySmart card to the retailer. The MMPL Retailer initiates the customer registration and card issuance process. The card kit with an inactive card would be issued to the customer, who can walk out in a few minutes.
2. Customer will share the duly signed CAF & furnish self-attested supporting KYC documents to mRUPEE Retailer. These documents would be digitized and uploaded to be reviewed by RBL’s back-office systems.
3. After successful verification of the documents, RBL Bank will approve the request, The card would then be successfully activated.
4. The customer can now load money in the card at the mRUPEE outlet and start using it.

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5 Comments on "mRUPEE, in partnership with RBL Bank, launches PaySmart Prepaid card"

 

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Krishan
January 28, 2015 1:01 pm 1:01 PM

one query….

what is the benefit of it, all banks debit & credit cards can be used at any ATM or POS. then why people go for this

Sudhakar
January 28, 2015 10:23 pm 10:23 PM

No one will go for this already airtel money is a flop in Tamilnadu as most of them use other electronic methods to transfer the money and are recharging using their debit cards or by net banking. If we deposit more money in airtel money or other online wallet, we will not get any interest for savings. If we put in our saavings account, we at least get 2% interest every 6 months as per RBI rule (4% interest per annum).

Shuvam
January 28, 2015 8:59 pm 8:59 PM
Coz of the ease of use. For ex: We have to visit our bank bracnches, fill up forms, wait in the queue to deposit cash which would then be available to our ATM cum Debit cards to withdraw as per use. But for these prepaid card, we can jus go to any retailer (hoping every mobile recharge outlet will have access to recharge it), informing him with the card number and the cash and he can instantly upload the amount from his end to the pre-paid card account, hence easing up the hassels and making the process way faster then… Read more »
Sudhakar
January 28, 2015 10:20 pm 10:20 PM

How much prepaid card retailers are there to recharge such a prepaid debit card?. Lol.

Bank’s debit card is far more better as we can transfer funds within our or to other accounts within 15 minutes via IMPS using the 7 digit MMID. Almost most of them have smartphones. If the other person has account in the same bank as the sender, the sender can send him money via net banking. No hassles.

Why to go around the head to touch the nose (using prepaid debit cards)?. Better use bank’s ordinary debit cards that are linked to his / her account.

Amiya Mishra
February 4, 2015 1:05 pm 1:05 PM

Very Rightly said, Just One Correction IMPS Do not Take 15 Mins but Happens Almost Realatime We Can Round It Up To May Be 1 Second, God Only Knows Who Will Go For This Prepaid Card Service 🙂

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