Transcorp International Ltd has received RBI nod for entering into co-branding arrangements for Prepaid Instruments that can be used in over 35 lakh stores and online gateways. With this, Transcorp has become one of the first non-bank companies to obtain this authorization from RBI, the company said in a statement. Transcorp will be launching API based co-branded partnerships for Digital, Physical and 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.
In a statement, the company said, Transcorp has leveraged its PPI license (which is the same license held by leading mobile-wallet operators in India) to operate. In line with the Government’s initiatives of cashless India and to promote safe transactions by eliminating the handling of currency, Transcorp launched Multi-Wallet Prepaid cards which has become the gold standard for expenses, incentives and reimbursements across business houses.
During the present COVID-19 crisis where it is not safe to handle cash, Prepaid Cards, including contactless payments, provide a safe mode of payment. The contactless variant of the card is also recommended globally by experts as a safer option to transact.
Commenting on the RBI nod, Amitava Ghosh, Chief Executive Officer, Transcorp said, “These cards can replace cash payment for all value transactions up to Rs. 1,00,000. Organizations that need to disburse payments like wages, reimbursements, incentives and other recurring payments to their employees or beneficiaries can seamlessly do so. This facilitates the accounting department to manage expenses by not having to check every individual bill; eliminating cash as a medium of paying for company expenses. Organizations have experienced cost reductions and transparency.”
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.
Ayan Agarwal, Vice President-Payment Systems, Transcorp said ” Partners have devised clever business models around prepaid cards and have added new lines of revenue and loyal customers by sharing the benefits of the interchange income that is earned on every spend. By providing digital & physical cards, multiple variants and custom solutions, we are able to get partners live even during these testing times of a global pandemic.”
Agarwal further said, “There is a tremendous demand for cards & wallets in the financial world and we are evaluating each partnership in detail to meet our strict norms. We are in advanced stages of integrating products like UPI and Fastag with National Payments Corporation of India (NPCI) “
These cards will be available at all Transcorp branches, through select agents and on order. They can be delivered to one’s office or home address even during the lockdown.
Transcorp International Limited is open for business is operating and providing its following services to its customers to help the nation and its citizens during lockdown:
1. Outward Remittances to Indians and families stuck abroad
2. Domestic Money Transfers for migrant workers to send money to relatives
3. Aadhaar Enabled Payment Services for families of migrant workers to receive cash
4. Insurance to protect lives and assets during these difficult times
5. Pre-Paid payment solutions for easy access to funds and reduced currency handling
6. Travel services to those who need emergency assistance via subsidiary Ritco Travels
Transcorp, a Public Limited Company incorporated in 1994, is listed with Bombay Stock Exchange (BSE) with a turnover of Rs. 2300 crore. It is a leading player in the Foreign Exchange and outward remittance industry with the coveted AD 2 license (Authorized Dealer – category II), from RBI.