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Mid-sized private lender YES Bank has tied up with Payworld to distribute co-branded open loop prepaid cards to customers.
“Payworld will be distributing the Yes Money Prepaid Cards through its Business Correspondent Agent Network in partnership with Yes Bank,” Payworld said in a statement.
Open Loop Prepaid Cards can be used at POS (point-of-sale) terminals, eCommerce sites for payments, as well as to withdraw money at ATMs. Strategically, customers who remit money to their families, can now also safeguard their remaining cash through this prepaid card, which is PIN protected. The programme also offers a Rs 1 lakh personal accident insurance and has seen a good response during the test phase, the statement added.
Praveen Dhabhai, COO of Payworld, said: “We plan to distribute over 5 lakh cards during the next 12 months, of which 10,000 cards have already been distributed. This prepaid card is safe since it is PIN protected and carries no risk for the customer. Cash is loaded on the card at all our Business Correspondent Agent outlets.”
Smart Payments Solution, a 100 per cent subsidiary of Payworld, recently applied to RBI for a payments bank licence.
Anand Kumar Bajaj, President, Digital Payments & Mobility at YES Bank, said: “With a three-fold growth in its own volumes (from 2 lakh transactions a month to 6 lakh transactions a month in mobile payments) we now contribute 10 per cent of the total mobile payments done thorough IMPS.”
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