MasterCard has announced a cooperation with Indian mobile wallet provider Beam to offer pre-paid cards to the service’s 14 million customers and help reach the nation’s many “underbanked” citizens.
Beam is off to a strong start in India with its mobile payment solution, and its new partnership with MasterCard should give it more momentum. The companies plan to release the new mobile pre-paid cards in July and August.
“Our collaboration with MasterCard Worldwide’s pre-paid card system enables us to offer our customers a unique product that fits their lifestyle and provides access to ATMs and card-transactions at merchants, further extending the reach of our Mobile Wallet to a wide range of cashless solutions and our endeavor to make Beam an aspired brand,” Beam Chairman Anand Srivastava said in a statement.
MasterCard’s hope is that plastic cards will remain relevant as Indian customers sign on to mobile banking and payments. The deal is a win for Beam too, as the service is limited in which vendors accept is payments.
MasterCard says it has been working for years to innovate in developing markets that aren’t quite ready for credit cards.