The partnership draws on the expertise of Visa, Transcorp PPI and the engaged community of Mahila Money. The new prepaid card, in collaboration with Visa, is designed to meet the needs of digital entrepreneurs, small business owners and women.
According to the press release, India is witnessing increased adoption of digital financial products and mainstreaming of entrepreneurship. As an organization committed to helping women achieve success and build their financial and social capital, the Mahila Money prepaid card is a step in that direction.
A survey conducted by All-India Debt and Investment Survey (AIDIS) revealed that although 80.7% of women in rural areas and 81% in urban areas have bank accounts, 55% of all women do not use still not actively their bank accounts. YouGov also adds that nearly two-thirds of urban Indian women have used digital payment methods, but less than a third have used internet banking.
The new prepaid card’s capabilities make it easier for businesses to collect digital payments, include incentives, rewards and cashback from the Mahila Money partner ecosystem, and benefit women who may not be managing actively their bank accounts but want to transact digitally. A physical copy of the map is available upon request, in addition to the digital map which will be available by default. Transcorp powers the cards as a non-bank co-branded offering on the Visa network.