MasterCard ties up with Beam to launch prepaid card

Collaboration will allow Beam consumers to transact at physical merchants online and access ATMs

MasterCard Worldwide today announced collaboration with Beam, a mobile and electronic commerce wallet, to launch low-cost, MasterCard mobile companion prepaid card that will allow over 14 million mobile wallet consumers of Beam to transact at physical merchants online and access ATMs.
 
With over 850 million mobile subscribers in India today, the potential for scale and benefits to a growing community cannot be overstated.

According to the latest MasterCard Mobile Payments Readiness Index, India achieved a score of 31.5, which puts the country in the middle of the pack with regard to overall readiness for mobile payments.
 
This collaboration is another step by MasterCard towards its vision of a world beyond cash, bringing new and innovative electronic payment solutions to a new generation of customers, both banked and underserved.

Now, consumers in India can connect their existing mobile wallets to the world of MasterCard acceptance and electronic payments to pay utility bills, make fund transfers, book movie or travel tickets, and even withdraw money from ATMs as well as Beam franchisees. The prepaid card will seamlessly synchronise with the customer’s existing Beam account.

Beginning July/August 2013, these cards will be issued instantly by Beam franchisees (many of whom are educated, unemployed women) across the country.
 
“India is one of the fastest growing mobile markets in the world. With this collaboration, cardholders will now have access to an innovative suite of value added services that has the potential to offer a whole new world of financial access and a cashless cardholder experience to underserved and unbanked citizens,” said Ari Sarker, Division President, South Asia, MasterCard Worldwide.
 
The collaboration is a win-win strategy for a host of stakeholders. Beam customers will be able to add more functionality and utility to their current mobile wallet offering.