MasterCard Partner With Beam To Create Pre-Paid Cards for the Unbanked
MasterCard have partnered with Beam Money in India to provide them with prepaid cards that will allow them to withdraw money from ATMs, make physical in-store purchases as well as online shops, and many other things that they couldn’t previously do.
Beam, one of India’s largest mobile payment services with more than 14 million users, previously allowed users to perform a variety of features via its pre-paid mobile wallet.
Now, thanks to the MasterCard partnership, users can use their pre-paid Beam Money balance with a physical pre-paid card that’s linked completely to their Beam Account in real-time.
This means that with all purchases a Beam account holder’s balance will change to reflect how much money they have left to use before they need to top up again.
As part of the agreement, Beam franchisees across India will be issued with pre-paid cards from July through to August 2013.
It is not yet know for how long this deal will continue on for.
Do you believe that this is a smart move for MasterCard, especially seeing as they’ve begun their focus on providing mobile banking solutions in the West with MasterPass?
Is this another strong way to bank the unbanked?
Let me know by leaving your thoughts in the comments section below.
For more information surrounding the future of payments and tackling the gargantuan issue that are the unbanked, attend Cards & Payments Africa 2013 to get all the juicy facts.