Mahila Money will launch a prepaid card to support women entrepreneurs

NEW DELHI: Mahila Money, Visa and Transcorp have partnered to launch the Mahila Money Prepaid Card, a product aimed at helping women entrepreneurs use digital payments more effectively. The partnership draws on the expertise of Visa, the global payments leader, Transcorp PPI, and the highly engaged Mahila Money community, according to a press release.

“India is witnessing unprecedented adoption of digital financial products and mainstreaming of entrepreneurship,” said Sairee Chahal, Founder of Mahila Money.

The prepaid card was designed with the needs of digital entrepreneurs, small business owners and women in mind. The card is for community members who want the convenience of a bank account with more flexibility, security and convenience. This collaboration will pave the way to economic freedom and financial inclusion for millions of women entrepreneurs.

“At Visa, we believe our mission is to work with our partners to uplift everyone, especially in India. We have a long history of supporting women entrepreneurs, a rapidly growing but underserved segment, whether through the iFundWomen and Visa grant program or by coaching women micro-entrepreneurs across India on digital payments,” said Vice President and Head of Business Development at Visa India Sujaï Raina.

According to the latest survey conducted by All-India Debt and Investment Survey (AIDIS), although 80.7% of women in rural areas and 81% in urban areas have bank accounts, research indicates that 55% of women n are still not actively using their bank accounts. The latest YouGov survey found that nearly two-thirds of urban Indian women used digital payment methods, but less than a third used online banking.

“We are honored to propel Mahila Money, which harnesses the potential of two of India’s most promising elements: women and fintech,” said Head of PPI Division at Transcorp Ayan Agarwal. “As India’s leading non-bank card issuer, Transcorp prides itself on enabling the financial independence of Indian women, and continuously strives to ensure the success of its fintech partners through maximizing alignment stakeholders.”

With easy and hassle-free access to loans already available to women entrepreneurs in India through Mahila Money, the prepaid card product will augment that experience as it aims to catalyze financial adoption for an underserved segment.

Key Features and Benefits of Mahila Money Prepaid Card:

The card makes it easy for female entrepreneurs to collect digital payments for their businesses and helps increase their working capital as loans can be transferred directly to the card.

Users are offered incentives, rewards and cashback from the Mahila Money partner ecosystem.

The card is useful for women who may not be actively managing their bank accounts but want to digitally transact for their businesses and expenses.

New digital entrepreneurs, who are hesitant to use their bank accounts to create online storefronts or collect payments, will find using the card very easy.

A fully digital product, the Mahila Money prepaid card is simple, secure and protects user privacy, especially for women who seek independent use of financial products for their business.

A physical copy of the map is also available upon request, in addition to the digital map which will be available by default.

Transcorp, a 27-year-old Reserve Bank of India-regulated PPI licensee, powers the cards as India’s first non-bank co-branded offering on the Visa network.

Launched six months ago as a comprehensive financial services platform for women, Mahila Money has grown more than 250x since its introduction, as women in the community continue to embrace products and services.

Mahila Money offers loans and products to women entrepreneurs to help them start their business, meet their working capital needs and provide productive loans for employment, entrepreneurship and growth opportunities. The Mahila Money Community is an actively engaged women’s platform designed to support financial literacy and entrepreneurship, and provide resources for women to succeed in life, according to the press release.

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