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To facilitate cashless transactionsTranscorp International announced the launch of a platinum pre paid card that can be used for transactions in stores and ATMs across the country and can also be used by organizations to disburse wages and salaries to even those employees who do not have a bank account. Transcorp has leveraged its Pre-Paid Instrument (PPI) license to operate this program which is the same license held by the leading mobile-wallet operators in India. Over the next few months, Transcorp will roll out its own wallet - Transcash.
The card can be prefunded or money can be loaded in the card by the employer or by the card holder himself. The maximum amount that can be loaded is Rs 10,000 in case of non KYC (Know Your Customer) compliant card and Rs 1,00,000 in case of KYC compliant card. There is no minimum limit. It can also be used to withdraw cash at any ATM across the nation.
These cards are highly customizable and can be co-branded with an organization's logo as well as restrict certain merchant categories or ATM withdrawals as per the client organization's requirements.
The card reduces the risk against fraud in usage at shops and internet as customer can restrict the amount loaded in the card and one's bank account is not exposed. Prepaid Cards are the next significant trend in consumer payments and the prepaid card market is growing rapidly in India.
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