:Kerala-based Manappuram Finance Ltd will launch its own co-branded prepaid card on April 15, in tie-up with Yes Bank to promote digital financial transactions.
The Manappuram Yes Bank Money Card can be pre-loaded up to a maximum amount of Rs 50,000 and then be used to withdraw money from all ATM's, a company press release said.
As the card works on the popular MasterCard and RuPay networks, it can also be used for online transactions and at merchant establishments with Point of Sales (PoS) terminals.
Manappuram Finance Ltd. Will issue the prepaid card to its entire base of 20 lakh live customers and link their existing gold loan accounts to the card.
This will enable its customers to withdraw money from ATMs across India.
Customers can also withdraw money from any of the 3,300 branches of Manappuram Finance Ltd, a feature unique to this card.
The card will be launched at the company's head office at Valapad in Thrissur by V P Nandakumar, Managing Director & CEO.
During the function, Manappuram Finance Ltd. Will also launch its branded eWallet under the name "MaKash".
The company had recently received a Pre Paid Payment Instrument License from RBI which authorises the company to operate a semi-closed payment instrument and eWallets, the release said.
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