On April 21, 2020 The Leading forex and payment solutions provider Transcorp International Limited (TIL), a 25 year old BSE-listed company becomes the 1st non-bank company to receive Reserve Bank of India (RBI) nod to enter into co-branding arrangements for prepaid Instruments to be used in over 35 lakh stores and online gateways due to the current outbreak of COVID-19 pandemic.
Key Points:
i.It will launch Application Programming Interface (API) based co-branded partnerships for digital, physical and contactless cards with select marquee clients in its own Bank Identification Number (BINs).
ii.These cards can be used by partners, financial institutions and corporate houses to ease their core business activities & facilitates the accounting department to manage expenses by not having to check every individual bill & eliminates cash as a medium of paying for company expenses
iii.Cards allow safe transactions to serve their existing and new customers even if they do not have a bank account & will replace cash payment for all value transactions up to Rs. 1,00,000.
iv.TIL has leveraged its Prepaid Payment Instruments (PPI) license (the same license held by leading mobile-wallet operators in India) to operate.
v.Based on the level of Know Your Customer(KYC)-based authentication, it offers several variants of its customisable prepaid card, namely; Gift Cards: upto Rs. 10,000 (non-reloadable), Min KYC Cards: upto Rs. 10,000 monthly (reloadable and issued through OTP), Full KYC Cards: upto Rs. 100,000 at one time (reloadable and issued through full KYC).
vi.The cards are available at all TIL branches, through select agents and on order it will be delivered to one’s office or home address even during the lockdown.
vii.As part of the government’s initiatives of cashless India, it has also launched its multi-wallet RuPay-powered prepaid cards which allow corporate houses to pay wages, incentives, reimbursements & recurring payments to their employees or beneficiaries.
viii.Transcorp cards are highly customizable, co-branded with a partner organization’s logo & restricts certain merchant categories as per the client’s requirements.
ix.It is the 1st non-bank player in India to issue National Common Mobility Cards (NCMC/One Nation One Card) by National Payments Corporation of India (NPCI) certification to be used in Transit Systems and Smart Cities.
About TIL:
It is a Public Limited Company incorporated in 1994, is listed with Bombay Stock Exchange (BSE) with a turnover of Rs. 2300 crore.
Headquarters– Jaipur, Rajasthan
CEO– Amitava Ghosh
