The partnership leverages the expertise of Visa, Transcorp PPI, and the engaged community of Mahila Money. The new prepaid card, in collaboration with Visa, is designed with the needs of digital entrepreneurs, small business owners, and women in mind.
According to the press release, India is witnessing increased adoption of digital financial products and mainstreaming of entrepreneurship. As an organisation committed to helping women succeed and build their financial and social capital, the Mahila Money Prepaid Card is a step in this direction.
A survey by the All-India Debt and Investment Survey (AIDIS) found that although 80.7% of women in rural areas and 81% in urban areas have bank accounts, 55% of all women still don't actively use their bank accounts. YouGov also adds that close to two-thirds of urban Indian women used digital modes of payments, but less than one-third leveraged internet banking.
The new prepaid card’s capabilities facilitate the digital payments collection for businesses, includes incentives, rewards, and cashback from the Mahila Money ecosystem of partners, and is beneficial for women who may not operate their bank accounts actively but want to transact digitally. A physical copy of the card is available upon request, in addition to the digital card that will be available by default. Transcorp is powering the cards as a non-bank cobrand offering on the Visa network.
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