The card will allow users to load money through direct deposits at banks, ATMs and through online funds transfer from existing bank accounts, as well as by making deposits at any Indepay merchant or partner. The funds deposited can then be utilized to purchase goods and services through Business Correspondents at retail points of sale as well as be withdrawn as cash from Indepay’s merchant and partner network enabled as business correspondent, cash advances at PoS or through ATMs.
Spurred by the RBI’s recent initiatives towards building a strong and accessible payments framework, these prepaid debit cards provide a solution to individuals who may not have a personal bank account. Indepay’s solution builds on the current rural banking infrastructure which consists of about 30,000 bank branches and 1,20,000 post offices, helping transfer funds to beneficiaries in a seamless manner.
Speaking on the product, Rajib Saha, President and CEO, Indepay Networks said, “With over 60 percent Indians not having access to banking and banking related credit facilities, the product offering in the form of prepaid debit cards is creating a viable ecosystem of transactions which is easy and convenient. The solution directly caters to the growing need for electronic payment transactions where under banked and unbanked are unable to meet KYC norms.”
The company has already been associated with various banks including SBI to pilot this program in urban and rural areas offering Banking and Financial services for the unbanked and under banked.
At present over 150,000 consumers are using Indepay issued cards. The company is putting together its resources in deploying its infrastructure at 10,000 outlets in the next six months which is expected to scale to over 50,000 acceptance points within the next 12 months. In addition, in the coming 100 days, Indepay will announce several partnerships with banks, financial institutions, prominent business houses and retail players for co-branded issuance of prepaid debit cards. The company aspires to acquire over 14 million cards in the next five years.
Suresh Rajpal, Founding Director, Indepay Networks said, “Our product allows the enrolled customer, to access his money anytime, anywhere, for any spends – through existing ATMs, PoS network as well as for the transactions they make through their mobile phones.”