Transcorp will launch Wallets, RuPay Qsparc con...

Transcorp will launch Wallets, RuPay Qsparc contactless prepaid cards etc

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Transcorp gets RBI nod to issue co-branded prepaid cards, wallets: Check details -

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Transcorp cards are highly customizable and, with the approval of RBI, can now be co-branded with a partner organization’s logo; as well as restrict certain merchant categories as per the client’s requirements.

Transcorp can now create API-based co-branded partnerships for digital, physical and Qsparc contactless cards with select clients on its own bank identification numbers (BINs).

The PPI cards and wallets can be used at 3.5 million merchants and online gateways across the country.

The solution can be also be used by partners, financial institutions and corporate houses to pay wages and salaries to employees, regardless of whether they have a bank account or not.

Based on the level of KYC-based authentication, Transcorp is offering several variants of its customisable prepaid card.

Transcorp is issuing non-reloadable gift cards with a value up to INR10,000, ‘Min KYC Cards’ up to INR10,000 monthly which are reloadable and issued via OTP and ‘Full KYC Cards’ up to INR100,000 at a time which are reloadable and issued via full KYC.

Transcorp International CEO Amitava Ghosh said: “These cards can replace cash payment for all value transactions up to INR100,000.

Transcorp, as a part of government’s initiatives of cashless India, has also launched its multi-wallet RuPay-powered prepaid cards that allow corporate houses to pay wages, incentives or for expenses.

Transcorp is operating around the clock during the COVID crisis to ensure citizens in India and abroad are able to move and access funds through its Transcash Portal & 700+ SBI kiosks as well as international remittances & forex card loadings. Since the Lockdown, the company has clocked over Rs. 75 crore of business in only 15 bank working days.

RBI has authorized Transcorp to issue co-branded cards & wallets to facilitate payments under its PPI license in India across 35 lac+ merchants and online gateways.

• Transcorp will be launching API based co-branded partnerships for Digital, Physical and Qsparc Contactless cards with select marquee clients on its own BINs.

• These cards can be used by partners, financial institutions and corporate houses to facilitate their core business activities while allowing safe transactions to serve their existing and new customers even if they do not have a bank account.

• There is absolute convenience of on-boarding customers and loading funds amongst other functionalities that can be customized according to the partner’s business logics.

• After a successful launch of its indigenous RuPay powered cards that allow for wage disbursals/expenses/incentives for corporate houses; Transcorp has received feedback that its cards are an effective method to optimize costs, reduce pilferages and track expenses. Now the company can allow partners to place their logo on the cards/wallets.

• Transcorp was the first non-bank player in India to issue National Common Mobility Cards (NCMC/One Nation One Card) by NPCI certification which can be used at Transit Systems and Smart Cities.

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Kyc required or mini kyc?

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