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In its efforts to promote digital financial transactions, the Kerala-based NBFC Manappuram Finance will launch its own co-branded prepaid card in tie-up with YES Bank.
The 'Manappuram YES Bank Prepaid Money Card' can be pre-loaded up to a maximum amount of Rs 50,000 and then be used to withdraw money from all ATMs. As the card works on the popular MasterCard and RuPay networks, it can also be used for online transactions and at merchant establishments with PoS terminals.
The company will issue the prepaid cards to its entire base of 20 lakh customers and link their existing gold loan accounts to the card. This will enable them to withdraw money from ATMs across India. Moreover, customers can also withdraw money from any of the 3,300 branches of Manappuram Finance, a feature unique to this card.
The card can be reloaded directly at all Manappuram branches and can also be purchased by non-customers by furnishing their mobile number and KYC document as prescribed by the RBI.
The card will be formally launched on Saturday, April 15, at the company's head office at Valappad by V.P.Nandakumar, MD and CEO.
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