RBL Bank had partnered with GI Technology, a Wirecard subsidiary and India's largest wallet-based domestic money remittance company operating under the Brand Name ICashCard to launch RBL-ICASH co-branded, open loop 'RuPay Prepaid Card'.
This would provide GI Technology's 10 million ICashCard holders the option to have an additional prepaid instrument to operate as open loop wallets by enabling them to use these instruments for payment at offline merchant locations, online portals and ATMs/micro ATMs for cash withdrawal.
The instrument will be an alternative to cash transactions and will be widely accepted for online shopping sites, utility payments, ATM cash out, etc. ICash is also upgrading its mobile app to increase the services and offers. RBL-ICash RuPay prepaid cards can be purchased at more than 150.000 Smart Shop Retail Agent network across the country or through ICASH website or mobile app by completing a simple one-time registration process.
GI Technology has consistently been amongst the largest users of National Payment Corporation of India's (NPCI) Immediate Payment Service (IMPS) platform and is currently the largest user of NPCI's IMPS system under the non-bank category and the second largest across banks and non-banks. GI Technology has also partnered with IRCTC and is the largest Principal Agent for IRCTC.
Mr. Rajeev Ahuja of RBL Bank says that tie up of GI Technologies with RBL Bank is an important milestone for the bank, GI is a large and innovative player in the payments business and RBL has a very clear and aggressive focus on payments. This product offering will definitely move the needle for both the partners and will help deepen the market.
Mr. Ramu Annamalai, Director of GI Technology said, "This is the first of the many co-branded card issuance that is planned with RBL Bank. This card is targeted at the migrant workers and their families and micro entrepreneurs. This will bring in a lot of convenience and time savings to them."
Mr. Dilip Asbe, Chief Operating Officer of NPCI said, "We appreciate this customer-centric approach of GI Technology and RBL Bank for launching prepaid cards on the RuPay platform. RuPay prepaid debit cards are emerging as one of the best alternatives to cash and cater to all sections of the society."
Contributed | what does this mean?