Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us  
Google
Web www.equitybulls.com
Stock Report

| More

Transcorp launches Pre Paid Platinum Card to Facilitate Cashless Economy

Posted On: 2017-10-28 20:25:16


Leading forex and inward remittance solutions provider Transcorp International Ltd, a BSE-listed company, today announced the launch of a Platinum Pre Paid card that can be used for transactions in stores and ATMs across the country and can also be used by organizations to disburse wages and salaries to even those employees who do not have a bank account. Transcorp has leveraged its Pre-Paid Instrument (PPI) license to operate this program which is the same license held by the leading mobile-wallet operators in India. Over the next few months, Transcorp will roll out its own wallet - Transcash.

In line with the Government's bold initatives of Less-Cash India & Demonotization, as well as consumer demand Transcorp has launched Platinum Prepaid cards which could become a game changer in government's efforts to reduce cash and provide a boost to digital economyThe card is being launched in association with Yes Bank, country's leading private bank and RUPAY - India's very own switch powered by NPCI.

The card can be prefunded or money can be loaded in the card by the employer or by the card holder himself. The maximum amount that can be loaded is Rs 10,000 in case of non KYC (Know Your Customer) compliant card and Rs 1,00,000 in case of KYC compliant card. There is no minimum limit. It can also be used to withdraw cash at any ATM across the nation.

"These cards can replace cash payment for all value transactions up to Rs. 1,00,000. Being very convenient, this card gives the card holder freedom to use it wherever and whenever needed, including on the Internet. The Card Holder can limit or control the balance in the card and conveniently use for all his payment needs. The corporate, institutions, other organizations who need to disburse various recurring payments like wages, salaries, incentives and such other recurring payments to their employees or beneficiaries can seamlessly do so, with ease," said Mr. Hemant Kaul, Chairman, Transcorp International Ltd.

These cards are highly customizable and can be co-branded with an organization's logo as well as restrict certain merchant categories or ATM withdrawls as per the client organization's requirements.

The card reduces the risk against fraud in usage at shops and internet as customer can restrict the amount loaded in the card and one's bank account is not exposed. Prepaid Cards are the next significant trend in consumer payments and the prepaid card market is growing rapidly in India.

"This card is useful for unbanked and under banked consumers as no bank account is required for using this pre-paid card. Cardholders can track and control their spending as a budget tool and monitor expenditure. This makes it easier for the accounting department to manage expenses by not having to check every individual bill; and eliminate cash as a medium of paying for company expenditures. The reimbursement can be done post a payment is made or the money can be loaded before hand if the employee requires an advance" said Mr. Jay Goel, Business Head-PPI, Transcorp International Ltd.

The card will be available in all the 40 branches of the company spread all over the country and most of the 7,500+ franchises of Transcorp. Transcorp serves over 20 lakh (2 million) customers on a yearly basis has its registered office in New Delhi.

There is absolute convenience of loading and reloading of the desired amount as and when required for usage. It also reduces risk against fraud by keeping balance to minimum in the card. The card can be used at all merchant establishments, websites, utility service providers where a swipe machine is present. It can be used at ATMs for cash withdrawal also.

Shares of TRANSCORP INTERNATIONAL LTD. was last trading in BSE at Rs.38.05 as compared to the previous close of Rs. 39.6. The total number of shares traded during the day was 5340 in over 22 trades.

The stock hit an intraday high of Rs. 39 and intraday low of 38.05. The net turnover during the day was Rs. 206551.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

HDFC Bank's Net NPA at 0.09%

HDB Financial Services Limited reports loss of Rs. 44.3 crore in Q3FY21

HDFC Bank increases distribution network YoY

HDFC Bank's balance sheet size grows 18.6% YoY

HDFC Securities Limited posts PAT of Rs. 166.6 crore in Q3FY21

HDFC Bank's Capital Adequacy Ratio was at 18.9% as of Dec 31, 2020

Parmax Pharma Limited approves preferential issue

Rossari Biotech Ltd board to approve quarterly results on Jan 23, 2021

Aditya Vision Limited opens 57th showroom

JBM Auto Limited receives orders for supply of 700 JBM CITYLIFE buses

Gujarat Hotels Ltd posts net profit of Rs. 0.58 crore in Q3FY21

Sacheta Metals Ltd Q3FY21 net profit at Rs. 0.89 crore

HDFC Bank Ltd Q3FY21 consolidated PAT climbs to Rs. 8769.33 crores

Star Cement Limited commences commercial production of new grinding unit

Chembond Chemicals Ltd Q3FY21 consolidated PAT zooms to Rs. 8.44 crore

Apollo Pipes Ltd reports net profit of Rs. 16.33 crores in Q3 FY2020-21

Apollo Hospitals begins vaccinating healthcare workers

International Travel House Ltd Q3FY21 loss at Rs. 10.69 crore

GE T&D India Limited to sell its GLobal Engineering Operations Division

IRB InvIT Fund to distribute Rs. 2.50 per unit for Q3 FY21

Smruthi Organics Ltd board recommends 2:1 bonus shares

Smruthi Organics Ltd Q3FY21 net profit drops QoQ to Rs. 5.10 crore

SpiceJet to connect Delhi with Sikkim with a daily non-stop flight

Indian Railway Finance Corporation Ltd raised Rs 1398.63 crores from 31 anchor investors ahead of its public issue

CRISIL A1+ rating reaffirmed to PNB Gilts Ltd's Rs. 1000 commercial paper programme

Pudumjee Paper Products Ltd board to announce Q3 results on Jan 23, 2021

SML ISUZU Ltd board to consider Q3FY21 results on Feb 5, 2021

Indian Energy Exchange Ltd board to consider interim dividend on Jan 21, 2021

LIC Housing Finance Ltd board to announce 3rd quarter results on Jan 29, 2021

CARE Ratings Ltd board to consider dividend, Q3 results on Feb 6, 2021

The Dharamsi Morarji Chemical Company Limited board to approve third quarter results on Feb 8, 2021

IDBI Bank Ltd board to announce 3rd quarter results on Jan 28, 2021

Reliance Industries Ltd board to consider Q3FY21, 9MFY21 results on Jan 22, 2021

Tata Consumer Products Ltd board to announce Q3FY21 results on Feb 2, 2021

Visaka Industries Ltd board to consider Q3 results, interim dividend on Jan 28, 2021

EIH Ltd board to announce third quarter results on Jan 29, 2021

Vardhman Textiles Ltd board to approve quarterly results on Jan 21, 2021

Raksha Mantri unveils India's First Indigenously Designed & Developed Driverless Metro Car

Dr. Reddy's receives approval to conduct Phase 3 clinical trial for Sputnik V vaccine in India

L&T Finance Holdings Ltd posts consolidated PAT of Rs. 290.66 crore in Q3FY21

Shoppers Stop Ltd Q3FY21 consolidated loss at Rs. 25.11 crores

Plastiblends India Ltd reports net profit of Rs. 11.37 crore in Q3FY21

SORIL Infra Resources Ltd Q3FY21 consolidated PAT at Rs. 4.98 crore

Mastek's Group CEO Mr. John Owen quits

CFO Tech Outlook Recognizes Emagia As 'The Top 10 Account Receivable Solution Providers 2020'

MPCB issues closure notice to Bajaj Healthcare Limited's plant

Syncom Formulations India Ltd awarded by IPF Industrial Excellence Awards, 2021

Captain Polyplast Ltd announces capacity augmentation at Kurnool plant

ITC Limited conferred the ICSI National Award for Excellence in Corporate Governance

Hitachi Cooling and Heating launches country's first of its kind premium and luxurious air conditioning system 'SET FREE mini' for Indian market



Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2020