To enable women entrepreneurs to use digital payments more effectively, Mahila Money, Visa and Transcorp have jointly launched a special prepaid card.
Mahila Money Prepaid Card bridges the gap for community members who want the convenience of a bank account with added flexibility, safety, and convenience. The card is designed with the needs of digital entrepreneurs, small business owners, and women in mind.
“India is witnessing unprecedented adoption of digital financial products and mainstreaming of entrepreneurship,” said Sairee Chahal, Founder of Mahila Money. “Mahila Money Prepaid Card is a small but big step in the right direction. We need to design products that are simple, effective, and trusted, as many women use the internet and payments to achieve their financial aspirations. We believe that this partnership with Visa offers us the opportunity to create highly customized products for women entrepreneurs, a highly engaged and fast-growing segment of digital and financial services users.”
Transcorp, a 27-year-old Reserve Bank of India regulated PPI license holder, is powering the cards as India’s first non-bank co-brand offering on the Visa network. Users are offered incentives, rewards, and cashback from the Mahila Money ecosystem of partners.
The card is useful for women who may not operate their bank accounts actively but want to transact digitally for their businesses and expenses. First-time digital entrepreneurs, who are wary of using their bank accounts to set up online storefronts or collect payments will find the use of the card very easy. A fully digital product, the Mahila Money Prepaid Card is hassle-free, secure, and protects user privacy, especially for women who are seeking independent use of financial products for their business, Mahila Money stated in a release.
