Manappuram to launch prepaid money card, 'MaKash' eWallet

Aiming to fuel the digitisation drive in India, Manappuram Finance Ltd. on Tuesday announced the launch of its prepaid card, in collaboration with Yes Bank.

The Manappuram-Yes Bank money card, scheduled to be launched on April 15, 2017, can be pre-loaded up to a maximum amount of Rs.50,000 and used to withdraw money from all ATM's.

The card, which also works on the MasterCard and RuPay networks, can 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. Moreover, customers can also withdraw money from any of the 3,300 branches of Manappuram Finance Ltd.

The card can be reloaded directly at all Manappuram branches. The card can also be purchased by non-customers by furnishing their mobile number and a KYC document, as prescribed by the Reserve Bank of India (RBI).

The card will be formally launched on Saturday at the company's head office at Valapad (Thrissur) by V.P. Nandakumar, MD and CEO of Manappuram, in the presence of senior executives of Yes Bank and local dignitaries.

During the function, Manappuram Finance Ltd. will also launch its branded eWallet 'MaKash', which is powered by Teknospire, a Bangalore-based Software Company.