Master card in association with Beam has decided to offer low-cost, MasterCard mobile companion prepaid card that will allow over 14 million Beam mobile wallet users to transact at physical merchants,ATMs and online.
Beam users will be issued prepaid card that has previously linked to the user's beam mobile wallet account which will be further used to pay bills, purchase movies or rail tickets or withdraw money from ATMs or Beam franchisees.
Total transaction history will be reflected in beam account in real time and every transaction need to authenticate via SMS, so users will face zero percent probability of transaction failure or in valid usage.
Cards will be issued instantly by Beam franchisees across country from the beginning of July or August 2013.
Beam mobile wallet services can be achieved by registering an account via SMS on Beam’s website, wapsite or app. Beam services include telecom/DTH-TV/data card recharge, utility bill payments, rail, air and bus travel bookings, mobile/e-commerce, movie tickets, ringtones, wallpaper, songs, games, COD/home delivery and more.
The registration is free, it does not require a change in SIM card, download of software or a credit, debit or net bank card, and works on all mobile phones.
“There’s an increasing need for electronic payments in markets such as India, where more than 40% of the adult population do not have access to banking services. In 2012, we launched the MasterCard Mobile Money Partnership Program seeking to provide consumers living in remote areas of the world with access to mobile money services….” said Philip Yen, Group Head, Emerging Payments, Asia/Pacific, Middle East & Africa, MasterCard Worldwide.
“Our collaboration with MasterCard Worldwide’s pre-paid card system enables us to offer our customers a unique product that fits their lifestyle and provides access to ATMs and card-transactions at merchants, further extending the reach of our Mobile Wallet to a wide range of cashless solutions and our endeavor to make Beam an aspired brand,” said Anand Srivastava, Chairman, Beam.