Transcorp International, a provider of forex and inward remittance solutions, has launched platinum prepaid card, in association with Yes Bank and National Payments Corporation of India-powered RUPAY.
The move is in line with the Indian government’s aim to promote cashless transactions and eventually emerge as a ‘less-cash society.’
The card enables transactions in stores and ATMs across the nation and allows organisations to pay wages and salaries to employees, who do not have a bank account.
The cards can be co-branded with an organisation’s logo and certain merchant categories or ATM withdrawals can be restricted as per the client organisation’s requirements.
The platinum card also reduces the risk against fraud as customers can restrict the amount loaded in the card and bank account details are not revealed.
The maximum amount that can be loaded is INR10,000 ($154) in case of non know-your-customer (KYC) compliant card and INR100,000 ($1,540) in case of KYC compliant card.
Transcorp chairman Hemant Kaul said: “These cards can replace cash payment for all value transactions up to INR100,000. 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 organisations 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.”
The card will be available across 40 branches of the company spread across the nation and most of the 7,500+ franchises of Transcorp.