Mahila Money, Visa and Transcorp has announced it has teamed up to launch the Mahila Money Prepaid Card for women entrepreneurs.
The Mahila Money Prepaid Card, in partnership with Visa, is designed with the needs of digital entrepreneurs, small business owners and women in mind.
The card bridges the gap for community members who want the convenience of a bank account with added flexibility, safety and convenience. This collaboration will pave the way to economic freedom and financial inclusion for millions of women entrepreneurs, according to a company statement.
Key features
● The card makes it easy for women entrepreneurs to collect payments digitally for their businesses and helps boost their working capital, as loans can be transferred directly into the card.
● 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.
● A physical copy of the card is also available upon request, in addition to the digital card that will be available by default.
● 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.
55% women still don't actively use their bank accounts: Survey
According to the latest survey by the All-India Debt and Investment Survey (AIDIS), although 80.7 percent of women in rural areas and 81 percent in urban areas have bank accounts, research indicates that 55 percent of women still don’t actively use their bank accounts. YouGov’s latest survey revealed that close to two-thirds of urban Indian women used digital modes of payments, but less than one-third leveraged internet banking.
Card offers customized products for women entrepreneurs
“India is witnessing unprecedented adoption of digital financial products and mainstreaming of entrepreneurship,” said Mahila Money Founder Sairee Chahal said. “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.”
Sujai Raina, Vice President and Head of Business Development, “We are proud to partner with Mahila Money to support women entrepreneurs with the Mahila Money Visa Prepaid Card–a customized offering that will empower female small business owners to embed secure, digital payments and take their enterprises to new heights.”
Ayan Agarwal, Head of PPI Division at Transcorp, “We are honored to power Mahila Money, which harnesses the potential of women and fintech. As India’s premier non-bank card issuer, Transcorp takes pride in enabling financial independence for Indian women.”
Launched six months ago as a full-stack financial services platform for women, Mahila Money offers loans to women entrepreneurs building their businesses and products that meet working capital needs and productive loans for employment, entrepreneurship and growth opportunities. The Mahila Money community is an actively engaged platform for women built to support financial literacy and entrepreneurship, and provide resources to women to succeed in life.
