Beam Money along with MasterCard has rolled out a a prepaid card which will let Beam mobile wallet users to transact at physical merchants, online and access ATMs.
According to Philip Yen, Group Head, Emerging Payments, Asia/Pacific, Middle East and Africa, MasterCard Worldwide,“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. The launch of this product will not only help bring more Indians into the financial system, but also benefit merchants especially those who currently do not have point-of-sale acceptance, which is roughly around 6 million merchants in India“.
Beam wallet users can connect to MasterCard acceptance and electronic payments to pay bills/withdraw money from ATMs as well as Beam franchisees. The mobile wallet prepaid card will synchronize with the customer’s existing Beam account. The cards will be issued instantly from July/August 2013 across the country.
A while ago Beam Money had introduced a payment mechanism to boost online commerce and allowing customers to buy merchandise online using its own Beam Currency. Beam Money also introduced its iPhone app called Beam Wallet.
MasterCard on other hand brought out PayPass, its multi-point virtual payment processing network specifically for merchants & banks to handle the surge in the online payment phenomenon. According to Anand Srivastava, Chairman, Beam, “Our collaboration with MasterCard Worldwide’s prepaid 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.”
Online shopping is yet to pick up in India, it will take time and the evolution + penetration of technology for Indian consumers to increasingly use online payment methods and to reduce their overall dependency on cash. Till that time lets see how does this partnership pulls off its role in m-payment.