MMP Mobi Wallet Payment Systems, a subsidiary and payments arm of Tata Teleservices, has announced a tie-up with non-banking finance company (NBFC) Manappuram Finance to provide alternative physical and online repayment options to its customers.

MMPL has obtained a licence from RBI to issue prepaid payment instruments in India. MMPL’s flagship product is the Semi Closed Wallet, under the brand name “mRUPEE”.

“The tie-up will provide greater payment convenience to Manappuram’s customers by enabling access to mRUPEE outlets and also to 2-lakh-plus Tata Docomo outlets in the country over a period,” MMP Mobi Wallet Payment Systems said in a statement.

“We see a great synergy in our association with Manappuram Finance and feel that with our collaborative services we can offer convenient and reliable payment options to customers,” said N. Srinath, Managing Director, Tata Teleservices.

In addition, Manappuram will also integrate mRUPEE’s eWallet service, which enables repayments and transfer of funds via mobile phones onto its own online repayment platform. With this, borrowers can make online repayments directly to their accounts through their pre-funded mRUPEE eWallet, even without having access to a bank account or credit card. In fact, this is the first instance in India of an NBFC integrating the eWallet repayment concept into its own system.

V.P. Nandakumar, MD & CEO of Manappuram Finance said, “As gold loans move up the value chain from a distress to a lifestyle product, the convenience factor will become more critical. mRUPEE is a fitting choice for us for its large distribution channel, secured network and high customer value.”

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