BANGALORE: MMPL (a subsidiary of Tata Teleservices Ltd.) today announced the launch of a new Open Loop prepaid, VISA powered, card in partnership with RBL Bank (Also known as Ratnakar Bank). The new service will provide a platform for the users to move away from traditional cash based transactions into an easy, secure and private mode of payment.

 By obtaining a PaySmart card, mRUPEE customers will be able to withdraw money from VISA licensed ATMs and also pay for goods and services at all merchants that accept VISA Debit/Credit cards nationally.

 Today, digital/plastic money has evolved quickly beyond just cash to take the center stage in an increasingly digitally endowed world. Tata Teleservices realizes that India is witnessing a form of ‘half-life’ adoption where the time required for each new platform or application to become genuinely mainstream, is half that of its predecessor.

 “The PaySmart card is a milestone towards realizing Tata Teleservices vision of simple and secured transaction services. Keeping financial inclusion in mind, we have worked towards creating this product for all customers who can now have a choice of cashless dealings.

Amongst the host of offerings around mobile money, this product addresses a clear gap of Cash Out which is currently not available with the Semi Closed Wallets, There is a clear need in the marketplace for such an offering at the right price and feature set.” said Mr. Pradeep Sampath, Chief Operating Officer, MMP MOBI WALLET PAYMENT SYSTEMS LIMITED.

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