{"id":12793,"date":"2020-04-20T07:49:47","date_gmt":"2020-04-20T07:49:47","guid":{"rendered":"https:\/\/yourchennai.com\/?p=12793"},"modified":"2020-04-20T07:49:47","modified_gmt":"2020-04-20T07:49:47","slug":"rbi-authorizes-transcorp-to-issue-co-branded-prepaid-instruments-ppi-cards-wallets-will-facilitate-cashless-payments-during-covid-19","status":"publish","type":"post","link":"https:\/\/yourchennai.com\/index.php\/2020\/04\/20\/rbi-authorizes-transcorp-to-issue-co-branded-prepaid-instruments-ppi-cards-wallets-will-facilitate-cashless-payments-during-covid-19\/","title":{"rendered":"RBI authorizes Transcorp to issue Co-Branded Prepaid Instruments\u00a0(PPI) Cards &#038; Wallets: Will facilitate cashless payments during\u00a0COVID-19"},"content":{"rendered":"<div style=\"margin-top: 0px; margin-bottom: 0px;\" class=\"sharethis-inline-share-buttons\" ><\/div><p style=\"text-align: justify;\">Leading forex and payment solutions provider Transcorp International Ltd, a\u00a025 year old BSE-listed company, announced the receipt of RBI\u2019s nod for entering into co-branding\u00a0arrangements for Prepaid Instruments that can be used for transactions in over 35 lac stores and\u00a0online gateways across the country. this can be used by organizations to disburse wages and\u00a0salaries to all employees, including those that do not have a bank account.<\/p>\n<p style=\"text-align: justify;\">Transcorp is proud to be the one of the first non-bank companiest to obtain this authorization from\u00a0RBI, which a testament to its commitment of serving Indian citizens and companies alike. Transcorp\u00a0has leveraged its PPI license to operate which is the same license held by leading mobile-wallet\u00a0operators in India.<\/p>\n<p style=\"text-align: justify;\">In line with the Government\u2019s initiatives of cashless India and to promote safe transactions by\u00a0eliminating the handling of currency, Transcorp has launched Multi-Wallet Prepaid cards which has\u00a0become the gold standard for expenses, incentives and reimbursements across business houses.\u00a0The card is powered in association with RUPAY &#8211; India\u2019s very own switch powered by NPCI.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-12795\" src=\"https:\/\/yourchennai.com\/wp-content\/uploads\/2020\/04\/Transcorp-International-Pre-paid-cards-EMV-Chip-Card-Rupay.jpg\" alt=\"Transcorp International - Pre paid cards - EMV Chip Card - Rupay\" width=\"900\" height=\"500\" srcset=\"https:\/\/yourchennai.com\/wp-content\/uploads\/2020\/04\/Transcorp-International-Pre-paid-cards-EMV-Chip-Card-Rupay.jpg 900w, https:\/\/yourchennai.com\/wp-content\/uploads\/2020\/04\/Transcorp-International-Pre-paid-cards-EMV-Chip-Card-Rupay-300x167.jpg 300w, https:\/\/yourchennai.com\/wp-content\/uploads\/2020\/04\/Transcorp-International-Pre-paid-cards-EMV-Chip-Card-Rupay-768x427.jpg 768w\" sizes=\"auto, (max-width: 900px) 100vw, 900px\" \/><\/p>\n<p style=\"text-align: justify;\">During the present COVID-19 crisis where it is not safe to handle cash, Prepaid Cards, including\u00a0contactless, provide a safe mode of payment. The contactless variant of the card is also\u00a0recommended globally by experts as a safer option to transact.<\/p>\n<p style=\"text-align: justify;\">There are several variants of the card, some of which can be upgraded to higher limits by providing\u00a0additional KYC details:<\/p>\n<ul style=\"text-align: justify;\">\n<li>Gift Cards: upto Rs. 10,000 (non-reloadable)<\/li>\n<li>Min KYC Cards: Upto Rs. 10,000 monthly (reloadable and issued via OTP)<\/li>\n<li>Full KYC Cards: Upto Rs. 100,000 at one time (reloadable and issued via full KYC)<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">&#8220;These cards can replace cash payment for all value transactions up to Rs. 1,00,000. Organizations\u00a0that need to disburse payments like wages, reimbursements, incentives and other recurring\u00a0payments to their employees or beneficiaries can seamlessly do so. This facilitates the accounting\u00a0department to manage expenses by not having to check every individual bill; eliminating cash as a\u00a0medium of paying for company expenses. Organizations have experienced cost reductions and\u00a0transparency. \u201d said Mr. Amitava Ghosh, Chief Executive Officer, Transcorp International Ltd.<\/p>\n<p style=\"text-align: justify;\">Transcorp cards are highly customizable and, with the approval of RBI, can now be co-branded with\u00a0a partner organization\u2019s logo; as well as restrict certain merchant categories as per the client\u2019s\u00a0requirements.<\/p>\n<p style=\"text-align: justify;\">The card reduces risk against fraud as customers can restrict the amount loaded in the card without\u00a0exposing one\u2019s bank account\u201d. Prepaid Cards are the next significant trend in consumer payments\u00a0and the market is growing rapidly in India.<\/p>\n<p style=\"text-align: justify;\">&#8221; Partners have devised clever business models around prepaid cards and have added new lines of\u00a0revenue and loyal customers by sharing the benefits of the interchange income that is earned on\u00a0every spend. By providing digital &amp; physical cards, multiple variants and custom solutions, we are\u00a0able to get partners live even during these testing times of a global pandemic. There is a\u00a0tremendous demand for cards &amp; wallets in the financial world and we are evaluating each\u00a0partnership in detail to meet our strict norms. We are in advanced stages of integrating products\u00a0like UPI and Fastag with National Payments Corporation of India (NPCI) \u201d said Mr. Ayan Agarwal,\u00a0Vice President-Payment Systems, Transcorp International Ltd.<\/p>\n<p style=\"text-align: justify;\">These cards will be available at all Transcorp branches, through select agents and on order. They\u00a0can be delivered to one\u2019s office or home address even during the lockdown. Those interested in\u00a0exploring B2B partnerships and wish to discuss business models may contact the Vice President\u00a0who is heading this business.<\/p>\n<p style=\"text-align: justify;\">Transcorp International Limited is open for business today as it has been for the last 25 years &#8211; we\u00a0are always committed to giving quality services to our customers and partners. Even the present\u00a0time of lock down the company is operating and providing its following services to its esteemed\u00a0customers to help the nation and its citizens:<\/p>\n<p style=\"text-align: justify;\">1. <strong>Outward Remittances<\/strong> to Indians and families stuck abroad<br \/>\n2. <strong>Domestic Money Transfers<\/strong> for migrant workers to send money to relatives<br \/>\n3. <strong>Aadhar Enabled Payment Services<\/strong> for families of migrant workers to receive cash<br \/>\n4. <strong>Insurance<\/strong> to protect lives and assets during these difficult times<br \/>\n5. <strong>Pre-Paid<\/strong> payment solutions for easy access to funds and reduced currency handling<br \/>\n6. <strong>Travel services<\/strong> to those who need emergency assistance via subsidiary Ritco Travels<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Leading forex and payment solutions provider Transcorp International Ltd, a\u00a025 year old BSE-listed company, announced the receipt of RBI\u2019s nod for entering into co-branding\u00a0arrangements<\/p>\n","protected":false},"author":1,"featured_media":12794,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32,30],"tags":[16616,577,17080,17077,17082,17081,17078,17079,17076],"class_list":["post-12793","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-companies-economy","category-news-business-political-national-realestate","tag-covid-19-crisis","tag-forex","tag-gift-cards","tag-payment","tag-payment-systems","tag-prepaid-cards","tag-prepaid-instruments","tag-rupay","tag-transcorp-international"],"views":941,"jetpack_featured_media_url":"https:\/\/yourchennai.com\/wp-content\/uploads\/2020\/04\/Transcorp-International-Pre-paid-cards-NCMC-Contactless-Card-Rupay.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/yourchennai.com\/index.php\/wp-json\/wp\/v2\/posts\/12793","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/yourchennai.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/yourchennai.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/yourchennai.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/yourchennai.com\/index.php\/wp-json\/wp\/v2\/comments?post=12793"}],"version-history":[{"count":1,"href":"https:\/\/yourchennai.com\/index.php\/wp-json\/wp\/v2\/posts\/12793\/revisions"}],"predecessor-version":[{"id":12796,"href":"https:\/\/yourchennai.com\/index.php\/wp-json\/wp\/v2\/posts\/12793\/revisions\/12796"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/yourchennai.com\/index.php\/wp-json\/wp\/v2\/media\/12794"}],"wp:attachment":[{"href":"https:\/\/yourchennai.com\/index.php\/wp-json\/wp\/v2\/media?parent=12793"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/yourchennai.com\/index.php\/wp-json\/wp\/v2\/categories?post=12793"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/yourchennai.com\/index.php\/wp-json\/wp\/v2\/tags?post=12793"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}