MasterCard to Collaborate With Beam To Launch New Mobile Money System

MasterCard have announced, they will be collaborating with mobile and e-commerce wallet service, Beam to launch the mobile companion pre-paid card. The new pre-paid card will allow users to transact with certified merchants, online and also access ATMs.

User will now be able to synchronize their mobile wallets with MasterCard acceptance and electronic payments to make fund transfers, withdraw money from ATMS, pay bills, book movies and travel tickets, amongst other things. Reports suggest, these cards will be issued by Beam franchisees across India, from August onwards.

Anand Srivastava, Chairman, Beam said "Our collaboration with MasterCard Worldwide's pre-paid card system enables us to offer access to ATMs and card-transactions at merchants, further extending the reach of our Mobile Wallet to a wide range of cashless solutions"

"India is one of the fastest growing mobile markets in the world. With this collaboration, cardholders will now have access to an innovative suite of value added services that has the potential to offer a whole new world of financial access and a cashless cardholder experience to undeserved and unbanked citizens" adds Ari Sarker, Division President, South Asia, MasterCard Worldwide.

The convenience of electronic payments is indeed being well received in the Indian market. There are over 850 million mobile subscribers in India and you can say MasterCard Mobile Money Partnership Program has enormous potential to do well. There are currently 14 million consumers using the Beam mobile wallet, in India and it would be no surprise to see these numbers climb up, once the mobile companion pre-paid cards are out in the market.