MasterCard Worldwide has partnered with mobile and e-commerce wallet Beam, to launch a first-of-its kind, low-cost, MasterCard mobile companion pre-paid card that will allow over 14 million mobile wallet consumers of Beam to transact at physical merchants, online and access ATMs.
This collaboration aims to enable consumers in India to connect their existing mobile wallets to the world of MasterCard acceptance and electronic payments to pay utility bills, make fund transfers, book movie or travel tickets, and even withdraw money from ATMs as well as Beam franchisees. The prepaid card will seamlessly synchronize with the customer’s existing Beam account. Beginning July/August 2013, these cards will be issued instantly by Beam franchisees (many of whom are educated, unemployed women) across the country.
“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. The launch of this revolutionary 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,” said Philip Yen, Group Head, Emerging Payments, Asia/Pacific, Middle East & Africa, MasterCard Worldwide.
Now, Beam customers will be able to add more functionality and utility to their current mobile wallet offering. The MasterCard merchant community will benefit from a higher volume of electronic payments given that a significant section of consumers are predominantly cash-based in India. Beam franchisees will be further empowered with their new capability of distributing mobile companion pre-paid cards and conducting on-behalf-of electronic payment transactions for consumers with limited and one-off electronic payment needs.
Consumers can avail Beam services by registering for an account via SMS, Beam’s website, wapsite or app and transacting at anytime from anywhere. 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, paperless and hassle-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.